Interim / Quarterly Report • Aug 4, 2016
Interim / Quarterly Report
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HALF-YEAR REPORT 2016
Mobimo reports a successful first half-year 2016. This was attributable to profit from trading properties and development services business, the positive gains from revaluation, the sale of two investment properties and a positive non-recurring deferred tax item.
Profit excl. revaluation, attributable to the shareholders of MOH CHF million HY 2015: 28.4
CHF million
¢¢ Development properties ¢¢ Investment properties
¢¢ Profit incl. revaluation ¢¢ Profit excl. revaluation,
attributable to the shareholders of MOH
¢¢ Rental income ¢¢ Vacancy rate
CHF million
HY|2012 HY|2013 HY|2014 HY|2015 HY|2016
¢¢ Income on sale and services
¢¢ Profit
¢¢ Earnings per share excl. revaluation
| Result | Unit | HY 2016 | HY 2015 | Change in % |
|---|---|---|---|---|
| Net rental income | CHF million | 48.3 | 46.6 | 3.5 |
| Profit on sale of trading properties and development services | CHF million | 17.0 | 1.3 | 1,203.5 |
| Profit on disposal of investment properties | CHF million | 33.9 | 15.8 | 114.2 |
| Net income from revaluation | CHF million | 20.9 | 9.7 | 114.5 |
| Operating result (EBIT) | CHF million | 105.2 | 60.2 | 74.9 |
| Operating result (EBIT) excluding revaluation | CHF million | 84.4 | 50.5 | 67.2 |
| Profit | CHF million | 89.8 | 35.8 | 150.8 |
| Profit attributable to the shareholders of MOH | CHF million | 89.5 | 35.6 | 151.4 |
| Profit attributable to the shareholders of MOH excluding revaluation | CHF million | 74.2 | 28.4 | 161.3 |
| Balance sheet | Unit | 30.06.2016 | 31.12.2015 | Change in % |
| Assets | CHF million | 2,937.8 | 2,952.9 | –0.5 |
| Equity | CHF million | 1,273.5 | 1,264.7 | 0.7 |
| Equity ratio | % | 43.3 | 42.8 | 1.2 |
| Return on equity | % | 14.6 | 8.9 | 64.0 |
| Return on equity excluding revaluation | % | 12.1 | 6.7 | 80.6 |
| Interest-bearing liabilities | CHF million | 1,359.5 | 1,366.7 | –0.5 |
| Ø Rate of interest on financial liabilities | % | 2.39 | 2.46 | –2.8 |
| Ø Residual maturity of financial liabilities | years | 7.3 | 7.7 | –5.2 |
| Net Gearing | % | 86.4 | 90.4 | –4.4 |
| Portfolio | Unit | 30.06.2016 | 31.12.2015 | Change in % |
| Overall portfolio | CHF million | 2,575 | 2,655 | –3.0 |
| Investment properties | CHF million | 2,023 | 2,132 | –5.1 |
| Development properties | CHF million | 552 | 523 | 5.6 |
| Gross yield from investment properties | % | 5.5 | 5.4 | 1.9 |
| Net yield from investment properties | % | 4.3 | 4.3 | 0.0 |
| Investment property vacancy rate | % | 4.9 | 4.7 | 4.3 |
| Ø Discount rate for revaluation | % | 4.04 | 4.08 | –1.0 |
| EPRA | Unit | HY 2016 | HY 2015 | Change in % |
| EPRA profit | CHF million | 22.4 | 21.8 | 2.8 |
| EPRA NAV per share | CHF | 245.04 | 229.00 | 7.0 |
| EPRA rental increase like for like | % | 0.4 | 0.7 | –42.9 |
| Headcount | Unit | 30.06.2016 | 31.12.2015 | Change in % |
| Ø Headcount (full-time basis for the period) | Number | 118.8 | 107.4 | 10.6 |
| Headcount (full-time basis) | Number | 128.3 | 107.8 | 19.0 |
| Share | Unit | HY 2016 | HY 2015 | Change in % |
| Shares outstanding1 | Number | 6,215,326 | 6,216,953 | –0.1 |
| Nominal value per share | CHF | 29.00 | 29.00 | 0.0 |
| NAV per share | CHF | 203.89 | 191.91 | 6.2 |
| Earnings per share | CHF | 14.39 | 5.72 | 151.6 |
| Earnings per share excluding revaluation | CHF | 11.93 | 4.57 | 161.1 |
| Distribution per share2 | CHF | 10.00 | 9.50 | 5.3 |
| Share price as at 30 June | CHF | 221.70 | 190.50 | 16.4 |
¹ No. of shares issued 6,218,170 less treasury shares 2,844 = no. of outstanding shares 6,215,326.
2 Distribution of paid-in capital for the 2015 financial year of CHF 10.00 per share according to the decision of the General Meeting of 29 March 2016. Some CHF 151 million was available for distribution of paid-in capital as at 31 December 2015, CHF 62 million of which was distributed; this means that approximately CHF 89 million is still available as at 30 June 2016.
Mobimo Holding AG was established in Lucerne in 1999. With a real estate portfolio with a total value of more than CHF 2.5 billion, the Group is one of the leading real estate companies in Switzerland. The first-class portfolio is characterised by its exceptional locations, sustainability and diversified usage. We focus on the long-term holding, management and value-generating development of properties as well as the development and expansion of entire sites. With our site developments, we secure first-class locations in Switzerland with outstanding investment opportunities.
Mobimo continually builds on its position in Switzerland, thus enabling it to generate added value for shareholders, customers and partners over the long term. Potential for capital appreciation and gains is realised through attractive and sustainable developments for the Group's own portfolio and for third parties. The clear strategy and solid business model ensure stable, regular returns and steady growth. Highly motivated staff and an environment characterised by reliability, fairness and professionalism also contribute to our success.
| Overview of Mobimo | |
|---|---|
| Highlights of the first half of 2016 | 1 |
| Letter to shareholders | 2 |
| Management structure | 4 |
| Mobimo on the capital market | 6 |
| Real estate portfolio | 8 |
| Strategy and business performance | |
| Strategy and business model | 12 |
| Group business performance | 13 |
| Financial report | |
| Consolidated interim financial statements | 18 |
| Property details | 36 |
| Auditor's review report | 52 |
| EPRA key performance measures | 54 |
The three courtyards of the Letzihof newbuild in Zurich are decorated with photographs by the artist Annelies Štrba printed on weatherproof panels.
The new apartment building comprising 72 two-and-a-halfroom to four-and-a-half-room apartments was completed in March 2016 and already fully let a few weeks later. The building in Zurich's Albisrieden district features three light, interconnected courtyards
that link up the four-storey building and flood the apartments with natural light. The floors of the courtyards also serve as game spaces, with the pieces doubling up as mobile seating.
Mobimo is building modern, modular spaces in the southern part of the Flon district that will be suitable for uses including workshops, art studios and shops. The individual properties comprise two to three floors. This conversion of the former garages, which until recently were used for storage purposes, will liven up the street and further enhance the district. Thanks to Les Garages, Mobimo can also offer new space to tenants in the Jumeaux buildings, which are soon to be converted.
Mobimo is realising an urban district with good transport links in Mattenhof in Lucerne South, with around 300 rental apartments, more than 27,000 m2 of office, commercial and gastronomy space and a 155-room Holiday Inn Express city hotel. Mattenhof will be a home or workplace for 2,000 people, including 400 Swisscom employees.
The telecommunications company signed a rental agreement for some 7,500 m2 of space over five floors in the first half of 2016. In addition to Swisscom as the anchor tenant, the Migros Lucerne Cooperative Association has also chosen the new district in Kriens as the location for a Migros-Markt.
Rental income CHF million HY | 2015: 52.6
Profit CHF million HY | 2015: 35.8
Return on equity
HY | 2015: 6.0
%
56.8
Dr. Christoph Caviezel, CEO, and Georges Theiler, Chairman of the Board of Directors
Mobimo continued to report a successful business performance. The company generated profit of CHF 89.8 million including revaluation in a more stable economic environment than expected. Profit attributable to shareholders excluding revaluation totalled CHF 74.2 million, making the first half of 2016 the most successful in Mobimo's history. Profit from trading properties and development services business, the gains from revaluation, the sale of two investment properties and a non-recurring deferred tax item were the main contributors to these results. There was also further growth in rental income. Earnings per share including revaluation stood at CHF 14.39 (CHF 11.93 excluding revaluation).
Ultra-low interest rates continued to generate high demand among institutional investors, particularly for residential properties. Mobimo was not active as a purchaser in this transaction environment in the first half of 2016, preferring to use this as an opportunity to dispose of two investment properties at attractive prices. Mobimo's business model enabled it to compensate for these disposals with reinvestments in developments from its own pipeline. Properties with a volume of CHF 340 million are currently under construction, while projects worth around CHF 400 million are being planned.
Income from rental properties rose by 7.9% to CHF 56.8 million, although the composition of revenue was only partially comparable with the prior-year period. Mobimo sold investment properties with a carrying amount of some CHF 230 million in the last twelve months, bought the portfolio of Dual Real Estate Investment SA (market value of CHF 241.7 million as at 31 December 2015) in Geneva at the end of 2015 and handed over the Letzihof newbuild in Zurich with 72 apartments to tenants in spring 2016.
The vacancy rate remained low at 4.9% despite conversion-related vacancies. As part of its efforts to be even closer to its customers, Mobimo fully integrated the FM Service &Dienstleistungs AG joint venture launched in 2014 into the Group in the first half of 2016. FM Service &Dienstleistungs AG mainly provides facility management services for Mobimo's own properties and their tenants.
The Mobimo Group currently has major construction sites in Zurich, Kriens and Aarau. In late summer 2016, the foundation stone will be laid for the Labitzke site, which will feature 277 rental apartments as well as commercial and retail space, while the first ground will be broken for the development of a mixed-use urban district at Mattenhof in Kriens. With Swisscom as anchor tenant, the letting rate was in excess of 60% before construction started. Good progress has been made on the completion of the 92 condominiums in Aarau's Aeschbach district. Half of the attractive city apartments, which will be ready for occupation in 2017, have already been sold. Construction work has also started on the 185 rental apartments that are earmarked for completion in 2018. The Aeschbachhalle, a former industrial building, will be the centre of the new district. The main tenant for this exceptional location, which is ideal for gastronomy and various other events, was found in the first half of 2016. Mobimo started on the construction of Les Garages in the southern part of Lausanne's Flon district, which will create attractive commercial space.
The condominium ownership transfers recognised in net income in the first half of the year related mostly to the Am Meggerwald project in Lucerne. Investments for Third Parties completed the sale of a plot of land on the Mattenhof site, and the office building constructed for 3M EMEA in Langenthal was handed over after the reporting date following more than three years of development and building activity. With its acquisition of a two-thirds holding in BSS &M Real Estate AG in Zurich with effect from 1 July 2016, Mobimo is further expanding its development activities for third parties.
The economic environment proved to be better than expected given the strength of the Swiss franc. The real estate market remained attractive, largely due to the extraordinarily low level of interest rates. We expect demand for residential property to remain stable, particularly in the urban centres. Office and sales space in prime locations and in high-quality properties continue to be in demand, although a measure of restraint has been evident among market participants in terms of new rentals and re-lettings. In this market environment, Mobimo is well positioned with an attractive portfolio and a well-filled development pipeline. The company's flexible business model enables it to take advantage of opportunities in a targeted manner as they arise. The Board of Directors and Executive Board continue to assess the outlook for the Group's future as positive.
Thank you for the trust you have placed in us.
Georges Theiler Dr. Christoph Caviezel Chairman of the Board of Directors CEO
The Board of Directors is responsible for the company's strategic management. It acts as the supervisory body and comprises independent, external members. As at 30 June 2016, the following persons were members of the Board of Directors of Mobimo:
Engineer, Master of Business Administration Nationality: Swiss, Place of residence: Lausanne, VD Daniel Crausaz has been a member of the Board of Directors of Mobimo Holding AG since 2009. He is a member of the Audit& Risk Committee.
Georges Theiler, Chairman
Certified Operating Engineer, Federal Institute of Technology, Entrepreneur Nationality: Swiss, Place of residence: Lucerne, LU Georges Theiler has been a member of the Board of Directors since 2000 and Chairman of the Board of Directors of Mobimo Holding AG since September 2013. He is a member of the Real Estate Committee.
Attorney at law&Swiss-certified tax expert Nationality: Swiss Place of residence: Langnau am Albis, ZH Brian Fischer has been a member of the Board of Directors of Mobimo Holding AG since 2008. He is Chairman of the Real Estate Committee.
Nationality: Swiss, Place of residence: Uster, ZH Peter Schaub has been a member of the Board of Directors of Mobimo Holding AG since 2008. He is Chairman of the Audit & Risk Committee and a member of the Nomination & Compensation Committee.
Engineer, Masters in Energy, MBA Nationalities: Swiss and French Place of residence: Berne, BE Bernard Guillelmon joined the Board of Directors of Mobimo Holding AG in 2009. He is Chairman of the Nomination& Compensation Committee.
Peter Barandun Executive MBA HSG Nationality: Swiss, Place of residence: Einsiedeln, SZ Peter Barandun was elected to the Board of Directors of Mobimo Holding AG in March 2015. He is a member of the Real Estate Committee.
lic. rer. pol., Management Consultant Nationality: Swiss Place of residence: Basel, BS Wilhelm Hansen has been a member of the Board of Directors of Mobimo Holding AG since 2008. He is a member of the Audit& Risk Committee and of the Nomination& Compensation Committee.
Chairman: Georges Theiler Vice Chairman: Peter Schaub
Peter Barandun, Daniel Crausaz, Brian Fischer, Bernard Guillelmon, Wilhelm Hansen
Brian Fischer (Chairman) Peter Barandun Georges Theiler
Peter Schaub (Chairman) Daniel Crausaz Wilhelm Hansen
Bernard Guillelmon (Chairman) Wilhelm Hansen Peter Schaub
The Executive Board is charged with the operational management of the Group companies. As at 30 June 2016, the following persons were members of the Executive Board:
Andreas Hämmerli, Head of Development Certified architect HTL Nationality: Swiss Place of residence: Scheuren, BE Andreas Hämmerli has headed the Development division since October 2008. He is responsible for project development, construction and sales.
Dr. Christoph Caviezel, CEO Dr. iur., attorney at law Nationality: Swiss Place of residence: Horgen, ZH Christoph Caviezel has been CEO of
Divestment division.
the Mobimo Group since October 2008. He directly manages the Purchase and
Certified civil engineer ETH/ SIA Nationality: Swiss Place of residence: Meilen, ZH Thomas Stauber joined Mobimo in November 2011 and set up the Investments for Third Parties business area. He has headed the Real Estate division since July 2014.
Manuel Itten, CFO Business Administration FH Nationality: Swiss Place of residence: Freienbach, SZ Manuel Itten joined Mobimo in 2004 and has been CFO since March 2009.
MSc in architecture from the Swiss Federal Institute of Technology, Executive MBA HSG Nationality: Swiss, Place of residence: Lausanne, VD Marc Pointet joined Mobimo in November 2006 and has been Head of Mobimo Suisse romande since March 2013. He has been a member of the Executive Board since April 2015.
The complete corporate governance report and information about the Group companies and the Group's shareholdings are published at www.mobimo.ch.
The registered shares of Mobimo Holding AG are traded on the SIX Swiss Exchange in Zurich and are listed in accordance with the Standard for Real Estate Companies.
| Code | MOBN |
|---|---|
| Swiss security no. | 1110 887 |
| ISIN code | CH001110 8872 |
| Bloomberg | MOBN SW Equity |
| Reuters | MOBN.S |
The Mobimo share started 2016 with a price of CHF 222.70 and closed at CHF 221.70 on 30 June 2016. This corresponds to a performance (total return) of 4.04%. Net asset value (NAV) and diluted NAV stood at CHF 203.89 as at 30 June 2016 (31 December 2015: CHF 202.45) after distribution of the dividend of CHF 10.00. As at 30 June 2016, Mobimo's share price of CHF 221.70 was 9% above the NAV. The Mobimo share price (dividend-adjusted) has risen by 23.4% over the past five years, while the SPI and SXI Real Estate Shares indices have increased by 52.4% and 42.9% respectively over the same period.
¢¢ Share price ¢¢ NAV per share (diluted)
The Mobimo share has a high level of liquidity and a high trading volume. An average of 12,521 (first half of 2015: 12,387) shares were traded each day. The average daily turnover amounted to approximately CHF 2.8 million (first half of 2015: CHF 2.6 million) and the trading volume to CHF 344 million (first half of 2015: CHF 319 million).
As at 30 June 2016, the following shareholders held 3% or more of the share capital:
According to the SIX Swiss Exchange definition, the free float stood at 100% as at 30 June 2016.
%
¢ Shares pending registration 28.7
| Unit | 2012 | 2013 | 2014 | 2015 | 2016 | |
|---|---|---|---|---|---|---|
| Ratios as at 30.06. | ||||||
| Share capital | CHF million | 180.0 | 180.2 | 180.3 | 180.3 | 180.3 |
| No. of registered shares issued | Number | 6,207,952 | 6,214,478 | 6,216,606 | 6,218,170 | 6,218,170 |
| Of which treasury shares | Number | 8,744 | 2,148 | 1,623 | 1,217 | 2,844 |
| No. of registered shares outstanding |
Number | 6,199,208 | 6,212,330 | 6,214,983 | 6,216,953 | 6,215,326 |
| Nominal value per registered share |
CHF | 29.00 | 29.00 | 29.00 | 29.00 | 29.00 |
| Share data as at 30.06. | ||||||
| Earnings per share | CHF | 6.40 | 6.66 | 3.17 | 5.72 | 14.39 |
| Earnings per share not including revaluation |
CHF | 3.64 | 3.81 | 2.36 | 4.57 | 11.93 |
| NAV per share after options and convertible bond |
CHF | 188.44 | 193.51 | 191.03 | 191.91 | 203.89 |
| Gross dividend for prior year | CHF | 9.00 | 9.00 | 9.50 | 9.50 | 10.00 |
| Share price HY 2016 | ||||||
| Share price – High | CHF | 221.10 | 213.60 | 198.00 | 229.40 | 234.30 |
| Share price – Low | CHF | 194.42 | 186.50 | 184.90 | 190.50 | 206.10 |
| Share price as at 30.06. | CHF | 219.10 | 192.20 | 188.00 | 190.50 | 221.70 |
| Average no. of shares traded per day |
Number | 9,307 | 12,476 | 9,657 | 12,387 | 12,521 |
| Market capitalisation on 30.06. | CHF million | 1,360.2 | 1,194.4 | 1,168.7 | 1,184.6 | 1,378.6 |
For the long-term funding of the real estate portfolio, Mobimo has issued three bonds in order to make use of the attractive interest rates and further diversify its financing. The three bonds are traded on the SIX Swiss Exchange in Zurich. The total financing volume amounts to CHF 515 million.
| Issue date | 29.10.2013 | 19.05.2014 | 16.09.2014 |
|---|---|---|---|
| Code | MOB13 | MOB14 | MOB141 |
| Swiss security no. | 22,492,349 | 24,298,406 | 25,237,980 |
| ISIN code | CH0224923497 | CH0242984067 | CH0252379802 |
| Issue volume | CHF 165 million | CHF 200 million | CHF 150 million |
| Bloomberg | MOBN SW | MOBN SW | MOBN SW |
| Reuters | 785VD6 | 792ZMZ | 797G6K |
| Interest rate | 1.5% | 1.625% | 1.875% |
| Term | 5 years | 7 years | 10 years |
| Maturity | 29.10.2018 | 19.05.2021 | 16.09.2024 |
| Price as at | |||
| 30.06.2016 | CHF 103.60 | CHF 107.40 | CHF 112.90 |
| Yield to maturity | –0.044% | 0.107% | 0.286% |
As at 30 June 2016, Mobimo's real estate portfolio comprised 137 properties. It can be broken down into investment properties with a value of CHF 2,023 million and development properties with a value of CHF 552 million.
| CHF million | 30.06. 2016 |
% | 31.12. 2015 |
% |
|---|---|---|---|---|
| Investment properties | 2,023 | 79 | 2,132 | 80 |
| Commercial investment properties |
1,368 | 53 | 1,372 | 52 |
| Residential investment properties |
655 | 26 | 760 | 28 |
| Development properties | 552 | 21 | 523 | 20 |
| Commercial properties (investment) |
180 | 7 | 171 | 6 |
| Residential properties (investment) |
139 | 5 | 125 | 5 |
| Commercial properties (trading) |
36 | 1 | 29 | 1 |
| Residential properties (trading) |
198 | 8 | 198 | 8 |
79% of the real estate portfolio comprises investment properties. These are widely diversified in terms of both their location, in Switzerland's major economic areas, and type of use. The annual potential rental income generated by the rentable area of 460,000 m² as at 30 June 2016 was CHF 110 million, producing stable and predictable income.
Mobimo manages the portfolio through its own portfolio management team, which gives it proximity to the market and to its tenants. Value is maintained and increased by cultivating relationships with tenants, ensuring a high level of occupancy, imposing lean cost management and implementing appropriate marketing strategies.
The five biggest tenants generate 20.6% of rental income. The existing fixed-term rental agreements primarily have a medium to long-term maturity profile. The average residual term is 6.8 years.
¢ SV Group
%
Mobimo feeds its own investment portfolio by means of targeted ongoing development of residential and commercial properties. The newly constructed investment properties further enhance the portfolio's quality.
Mobimo is currently planning and realising properties with a total investment volume of around CHF 940 million, which breaks down into CHF 740 million for investment properties and CHF 200 million for trading properties.
In addition to developments for its own portfolio and for sale, Mobimo is also active in the area of development services for third parties. Its offering ranges from area, site and project developments to turn-key real estate investments for institutional and private investors. The form taken by each cooperation with a partner depends on the specific requirements and on the project phase reached. Here too, the focus is on sustainable implementation.
Strategy and business model 12 Group business performance 13
The clear, long-term strategy and proven, solid business model ensure that we can achieve our vision and long-term objectives.
Mobimo plans, builds and maintains high-yield investment properties and realises development properties offering attractive potential for capital appreciation and gains. The company has solid financing and a high equity ratio of at least 40%.
In addition to the company's long-term guaranteed financing, the management and expansion of the high-value investment portfolio is based on Mobimo's core competences: buying/selling, development and portfolio management. The investment portfolio comprises commercial, industrial and residential properties with broad-based rental income and correspondingly steady returns.
Developments enable the company to realise upside potential and capital gains. Furthermore, Investments for Third Parties offers development services for third parties up to and including turn-key real estate investments for institutional and private investors. Owner-occupied properties are also developed as condominium apartments and sold to the new owners.
Mobimo strives to gradually grow its real estate portfolio. This growth takes place primarily through the construction of investment properties for the company's own portfolio as well as through the acquisition of individual properties and portfolios. Growth may also be achieved via company takeovers.
The decision to grow is taken when the elements of price, location and future prospects come together in such a way as to create value for shareholders. Mobimo invests in promising locations in Switzerland. We see these primarily as the economic areas of Zurich and Lausanne / Geneva, together with those of Basel, Lucerne / Zug, Aarau and St. Gallen. Investments are only made in sustainably good locations.
Over the medium term, residential use, office use and other commercial uses each account for approximately 30% of the investment portfolio.
The real estate portfolio is optimised on an ongoing basis. Value is rigorously maintained and increased by cultivating relationships with tenants, ensuring a high level of occupancy, optimising costs and implementing effective marketing strategies.
Real estate development focuses on the following areas:
For Mobimo, sustainability means striking a balance between generating profits today and preserving and enhancing value over the long term. Quality of life is reflected in the design of our living, leisure and working spaces. In addition to economic considerations, Mobimo also incorporates environmental and socio-cultural factors into its activities. This results in added value for both shareholders and the users of Mobimo properties.
Mobimo can borrow on both a short and long-term basis. Equity should represent at least 40% of total assets.
Mobimo shares are characterised by steady value growth and regular, attractive payouts.
Mobimo enjoyed a very successful start to the 2016 financial year and generated the highest result in the first half of a year in the company's history. The reporting period was shaped by profit on the sale of trading properties and development services, the further growth in rental income and the successful sales of individual investment properties.
In the first half of 2016, income from rental properties rose by 7.9% to CHF 56.8 million (first half of 2015: CHF 52.6 million). The ratio arising from direct expenses for rented properties was 15% and higher than the prior year's level (first half of 2015: 11%), which resulted in a 3.5% rise in net rental income to CHF 48.3 million (first half of 2015: CHF 46.6 million). As at 30 June 2016, the vacancy rate was 4.9%, thus remaining at a low level (31 December 2015: 4.7%). The low vacancy rate was due to good rental income and active portfolio management.
The annual potential rental income declined by CHF 5 million in the first half of the year as a result of the sale of two investment properties. The reduction will be offset over the course of the 2016 financial year by the completion of the two investment properties:
This will result once again in a CHF 3 million increase in the annual potential rental income.
Additional potential rental income in excess of CHF 30 million is attributable to the planned realisation of the following projects from the current pipeline:
Lausanne, Rue de Genève 19/21 (Jumeaux),
Lausanne, Vigie 3,
The potential will be realised upon completion of the projects.
| 48.3 46.6 |
|
|---|---|
| 3.5 | |
| 1,203.5 | |
| 15.8 | 114.2 |
| 60.2 | 74.9 |
| 50.5 | 67.2 |
| –17.5 | 16.0 |
| –8.1 | 64.2 |
| 35.8 | 150.8 |
| 161.3 | |
| 17.0 1.3 33.9 105.2 84.4 –14.7 –2.9 89.8 74.2 28.4 |
%
1 Other use mainly comprises car parks and ancillary uses.
Income from trading properties and development services already came to CHF 59.7 million in the first half of the year (first half of 2015: CHF 17.7 million). As a result, profit from trading properties and development services rose significantly to CHF 17.0 million (first half of 2015: CHF 1.3 million). 23 condominiums and one plot of land were transferred to new owners in the first half of the year. The development services rendered also generated additional income.
The transferred condominiums are primarily related to the following project:
• Lucerne, Büttenenhalde.
The following plot of land was transferred:
• Kriens, Mattenhof II.
The high demand in the transaction market was used to realise attractive gains from the extraordinary sale of two investment properties. The sales generated proceeds of CHF 153.2 million (first half of 2015: CHF 76.8 million) and profit of CHF 33.9 million (first half of 2015: CHF 15.8 million).
As a result of market conditions, the average discount rate for revaluations as at 30 June 2016 declined to 4.04% (31 December 2015: 4.08%), which once again had a particularly positive impact on residential property valuations. The revaluation of investment properties and of investment properties under construction resulted in net income from revaluation of CHF 20.9 million (first half of 2015: CHF 9.7 million).
In the first half of 2016, earnings before tax (EBT) of CHF 92.8 million (first half of 2015: CHF 43.9 million) gave rise to a 111.4% increase in the result.
Tax expense of CHF 2.9 million was significantly below the figure recorded for the first half of 2015 (CHF 8.1 million). This was the result of a non-recurring special item in the calculation of deferred tax owing to a new statutory reduction of a future cantonal tax rate.
Profit including revaluation totalled CHF 89.8 million in the first half of the year, which represents a 150.8% increase over the prior-year period (first half of 2015: CHF 35.8 million). Profit attributable to shareholders not including revaluation of CHF 74.2 million (first half of 2015: CHF 28.4 million) represented a 161.3% increase over the prior-year period. This development was the result of Mobimo's excellent business performance.
| Unit | 30.06. 2016 |
31.12. 2015 |
Change in % | |
|---|---|---|---|---|
| Non-current assets | CHF million |
2,385.5 | 2,467.7 | –3.33 |
| Current assets | CHF million |
552.3 | 485.2 | 13.83 |
| Equity | CHF million |
1,273.5 | 1,264.7 | 0.70 |
| Return on equity including revaluation |
% | 14.6 | 8.9 | 64.04 |
| Return on equity not including revaluation |
% | 12.1 | 6.7 | 80.60 |
| Liabilities | CHF million |
1,664.3 | 1,688.2 | –1.42 |
| • Current liabilities | CHF million |
176.4 | 138.3 | 27.55 |
| • Non-current liabilities |
CHF million |
1,487.9 | 1,549.9 | –4.00 |
| Equity ratio | % | 43.3 | 42.8 | 1.17 |
At CHF 2,937.8 million, total assets at the end of the first half of 2016 remained virtually unchanged (31 December 2015: CHF 2,952.9 million). The share of non-current assets in total assets was down slightly as at the end of the first half-year to 81.2% (31 December 2015: 83.6%). This decline can be particularly attributed to the sales of the two investment properties, which have already been partially offset by the increase in the portfolio owing to the ongoing investment in properties under construction.
With an equity ratio of 43.3% as at 30 June 2016 (31 December 2015: 42.8%), Mobimo continues to have a very solid capital base. This ensures a stable foundation for further high-quality growth. According to the Mobimo strategy, the equity ratio should not fall below 40%. At 5.5, the interest coverage factor in the first half of the year was once again clearly above the targeted 2.0. This means that Mobimo is readily able to finance its financial obligations from its operating activities.
Mobimo seeks to ensure a solid capital base. With regard to its capital structure, Mobimo aims to achieve long-term net gearing of a maximum of 150%. At the end of the first half of 2016, net gearing stood at 86.4% (31 December 2015: 90.4%).
Financial liabilities currently consist of listed bonds and mortgagesecured bank loans. The average interest rate for financial liabilities was 2.39% in the first half of 2016 (31 December 2015: 2.46%). The average residual maturity of financial liabilities as at the reporting date was 7.3 years (31 December 2015: 7.7 years), and was therefore still in the targeted long-term range. Mobimo will continue to use the attractive interest rate environment to keep interest rates low in the long term.
In this challenging macroeconomic environment, Mobimo relies on a high degree of expertise and flexibility in the allocation of funds and resources. The proven business model facilitates this sense of flexibility. Mobimo possesses renowned expertise, is very agile on the market and is adept at seizing any opportunities that arise. As a result, the Board of Directors and Executive Board continue to assess the outlook for the Group's future as positive. They strive to meet the expectations of shareholders over the short, medium and long term. This also includes the continuation of the attractive and stable dividend policy.
Manuel Itten CFO
| Consolidated interim financial statements | 18 |
|---|---|
| Property details | 36 |
| Review Report to the Board of Directors of Mobimo Holding AG, Lucerne |
52 |
| EPRA key performance measures | 54 |
| TCHF | Note | HY 2016 | HY 2015 |
|---|---|---|---|
| Income from rental of properties | 5 | 56,778 | 52,624 |
| Income from sale of trading properties and development services | 7 | 59,666 | 17,695 |
| Other income | 1,052 | 354 | |
| Revenue | 117,496 | 70,672 | |
| Gains from revaluation of investment properties | 6 | 38,191 | 33,900 |
| Losses on revaluation of investment properties | 6 | –17,327 | –24,173 |
| Net income from revaluation | 20,864 | 9,728 | |
| Profit on disposal of investment properties | 6 | 33,861 | 15,809 |
| Direct expenses for rented properties | 5 | –8,525 | –6,004 |
| Direct expenses from sale of trading properties and development services | 7 | –42,681 | –16,392 |
| Direct operating expenses | –51,205 | –22,396 | |
| Capitalised own account services | 2,605 | 3,475 | |
| Personnel expenses | –11,728 | –10,991 | |
| Operating expenses | –3,822 | –3,889 | |
| Administrative expenses | –1,559 | –1,198 | |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 106,512 | 61,211 | |
| Depreciation | –878 | –790 | |
| Amortisation | –392 | –240 | |
| Earnings before interest and tax (EBIT) | 105,241 | 60,181 | |
| Share of profit of equity-accounted investees | 2,205 | 1,202 | |
| Financial income | 383 | 162 | |
| Financial expense | –15,102 | –17,664 | |
| Financial result | –14,718 | –17,501 | |
| Earnings before tax (EBT) | 92,728 | 43,882 | |
| Tax expense | 12 | –2,939 | –8,131 |
| Profit | 89,790 | 35,752 | |
| Of which attributable to the shareholders of Mobimo Holding AG | 89,454 | 35,560 | |
| Of which attributable to non-controlling interests | 335 | 192 | |
| EBITDA not including revaluation | 85,647 | 51,483 | |
| Operating result (EBIT) not including revaluation | 84,377 | 50,454 | |
| Earnings before tax (EBT) not including revaluation | 71,864 | 34,155 | |
| Earnings per share in CHF | 13 | 14.39 | 5.72 |
| Diluted earnings per share in CHF | 13 | 14.39 | 5.72 |
| TCHF | Note | HY 2016 | HY 2015 |
|---|---|---|---|
| Profit | 89,790 | 35,752 | |
| Items that may be reclassified subsequently to income statement | –14,901 | –992 | |
| • Loss on financial instruments for hedge accounting | 10 | –19,196 | –1,244 |
| • Reclassification adjustments for amounts recognised in income statement | 79 | –29 | |
| • Tax effects | 4,217 | 281 | |
| Items that will not be reclassified to income statement | –2,716 | –635 | |
| • Remeasurement in staff pension schemes | –3,314 | –788 | |
| • Tax effects | 598 | 154 | |
| Total other comprehensive income | –17,617 | –1,626 | |
| Of which attributable to the shareholders of Mobimo Holding AG | –17,617 | –1,626 | |
| Of which attributable to non-controlling interests | 0 | 0 | |
| Total comprehensive income | 72,173 | 34,125 | |
| Of which attributable to the shareholders of Mobimo Holding AG | 71,837 | 33,933 | |
| Of which attributable to non-controlling interests | 335 | 192 |
| TCHF Note |
30.06.2016 | 31.12.2015 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash | 258,861 | 222,897 |
| Trade receivables | 9,705 | 3,839 |
| Income tax receivables | 4,533 | 4,005 |
| Other receivables | 41,566 | 24,391 |
| Trading properties 8 |
233,696 | 226,564 |
| Accrued income and prepaid expenses | 3,928 | 3,523 |
| Total current assets | 552,289 | 485,218 |
| Non-current assets | ||
| Investment properties | ||
| • Commercial properties 6 |
1,353,149 | 1,357,011 |
| • Residential properties 6 |
655,432 | 760,117 |
| • Development properties 6 |
146,114 | 142,470 |
| • Investment properties under construction 6 |
172,250 | 153,170 |
| Property, plant and equipment | ||
| • Owner-occupied properties | 14,829 | 15,269 |
| • Other property, plant and equipment | 3,403 | 3,117 |
| Intangible assets | 7,612 | 6,892 |
| Investments in associates and joint ventures | 26,544 | 25,639 |
| Financial assets | 1,849 | 1,849 |
| Deferred tax assets | 4,292 | 2,126 |
| Total non-current assets | 2,385,474 | 2,467,660 |
| Total assets | 2,937,763 | 2,952,878 |
| TCHF | Note | 30.06.2016 | 31.12.2015 |
|---|---|---|---|
| Equity and liabilities | |||
| Liabilities | |||
| Current liabilities | |||
| Current financial liabilities | 9 | 79,795 | 24,403 |
| Trade payables | 18,746 | 16,963 | |
| Current tax liabilities | 24,317 | 57,798 | |
| Other payables | 5,951 | 5,425 | |
| Advance payments from buyers | 14,052 | 12,354 | |
| Accrued expenses and deferred income | 33,502 | 21,363 | |
| Total current liabilities | 176,362 | 138,306 | |
| Non-current liabilities | |||
| Non-current financial liabilities | 9 | 1,279,671 | 1,342,254 |
| Employee benefit obligation | 9,452 | 5,840 | |
| Derivative financial instruments | 9 / 10 | 57,187 | 38,998 |
| Deferred tax liabilities | 141,623 | 162,789 | |
| Total non-current liabilities | 1,487,933 | 1,549,880 | |
| Total liabilities | 1,664,295 | 1,688,187 | |
| Equity | 11 | ||
| Share capital | 180,327 | 180,327 | |
| Treasury shares | –620 | –262 | |
| Capital reserves | 207,450 | 269,577 | |
| Retained earnings | 880,110 | 808,975 | |
| Total equity attributable to the shareholders of Mobimo Holding AG | 1,267,267 | 1,258,617 | |
| Attributable to non-controlling interests | 6,201 | 6,074 | |
| Total equity | 1,273,468 | 1,264,691 | |
| Total equity and liabilities | 2,937,763 | 2,952,878 |
| Earnings before tax 92,728 43,882 Net gains from revaluation of investment properties 6 –20,864 –9,728 Share-based payments 476 233 Depreciation on property, plant and equipment and amortisation of lease incentives 1,316 1,265 Amortisation of intangible assets 392 240 Profit on disposal of investment properties 6 –33,861 –15,809 Profit on disposal/ derecognition of property, plant and equipment –2 0 Share of profit of associates –2,205 –1,202 Financial result 14,718 17,501 Changes • Trade receivables –5,236 –612 • Trading properties 13,066 –16,073 • Other receivables and accrued income and prepaid expenses –34,481 750 • Employee benefit obligation 298 278 • Trade payables –3,136 –5,632 • Advance payments from buyers 1,198 5,438 • Other liabilities and accrued expenses and deferred income 9,514 1,655 Income tax paid –38,160 –9,894 Net cash from operating activities –4,240 12,293 Acquisition of subsidiaries, net of cash acquired 395 0 Acquisition of investment properties –24,850 –35,131 Acquisition of property, plant and equipment –706 –482 Acquisition of intangible assets –1,020 –709 Disposal of property, plant and equipment 2 0 Disposal of investment properties less selling costs 6 152,436 76,654 Dividends received 1,239 1,150 Interest received 31 50 Net cash from investing activities 127,527 41,531 Repayment of financial liabilities 9 –7,061 –32,968 Net cash from capital increases 0 45 Distribution of capital contribution reserves –62,153 –59,061 Acquisition of non-controlling interests –208 0 Acquisition of treasury shares –1,511 0 Interest paid –16,391 –15,065 Net cash used in financing activities –87,323 –107,048 Increase /decrease in cash 35,964 –53,225 |
TCHF | Note | HY 2016 | HY 2015 |
|---|---|---|---|---|
| Cash at beginning of reporting period 222,897 227,380 |
||||
| Cash at end of reporting period 258,861 174,156 |
| As at 30.06.2016 | 180,327 | –620 | 207,450 | –36,087 | 916,197 | 880,110 | 1,267,267 | 6,201 | 1,273,468 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Purchase of non controlling interests |
1 | 1 | 1 | –209 | –208 | |||||
| Acquisition of treasury shares |
–1,511 | –1,511 | –1,511 | |||||||
| • Board of Directors and management |
1,153 | 26 | –703 | –703 | 476 | 476 | ||||
| Share-based payments: | ||||||||||
| Distribution of capital contribution reserves |
–62,153 | –62,153 | –62,153 | |||||||
| Total comprehensive income |
0 | 0 | 0 | –14,901 | 86,738 | 71,837 | 71,837 | 335 | 72,173 | |
| income | 0 | 0 | 0 | –14,901 | –2,716 | –17,617 | –17,617 | 0 | –17,617 | |
| Other comprehensive | ||||||||||
| • Tax effects | 598 | 598 | 598 | 598 | ||||||
| • Remeasurement | –3,314 | –3,314 | –3,314 | –3,314 | ||||||
| Staff pension schemes: | ||||||||||
| • Tax effects | 4,217 | 4,217 | 4,217 | 4,217 | ||||||
| • Transfer to income statement |
79 | 79 | 79 | 79 | ||||||
| • Change in fair value | –19,196 | –19,196 | –19,196 | –19,196 | ||||||
| Cash flow hedges: | 10 | |||||||||
| Profit HY 2016 | 89,454 | 89,454 | 89,454 | 335 | 89,790 | |||||
| As at 01.01.2016 | 180,327 | –262 | 269,577 | –21,187 | 830,162 | 808,975 | 1,258,617 | 6,074 | 1,264,691 | |
| As at 30.06.2015 | 180,327 | –236 | 269,565 | –17,428 | 760,861 | 743,433 | 1,193,089 | 4,774 | 1,197,863 | |
| • Board of Directors and management |
79 | 11 | 143 | 143 | 233 | 233 | ||||
| Share-based payments: | ||||||||||
| Capital increase | 11 | 45 | 45 | 45 | ||||||
| Distribution of capital contribution reserves |
–59,061 | –59,061 | –59,061 | |||||||
| income | 0 | 0 | 0 | –992 | 34,925 | 33,933 | 33,933 | 192 | 34,125 | |
| income Total comprehensive |
0 | 0 | 0 | –992 | –635 | –1,626 | –1,626 | 0 | –1,626 | |
| Other comprehensive | ||||||||||
| • Tax effects | 154 | 154 | 154 | 154 | ||||||
| • Remeasurement | –788 | –788 | –788 | –788 | ||||||
| Staff pension schemes: | ||||||||||
| income statement • Tax effects |
–29 281 |
–29 281 |
–29 281 |
–29 281 |
||||||
| • Transfer to | ||||||||||
| • Change in fair value | –1,244 | –1,244 | –1,244 | –1,244 | ||||||
| Cash flow hedges: | 10 | |||||||||
| Profit HY 2015 | 35,560 | 35,560 | 35,560 | 192 | 35,752 | |||||
| As at 01.01.2015 | 180,282 | –315 | 328,615 | –16,436 | 725,793 | 709,357 | 1,217,938 | 4,582 | 1,222,520 | |
| TCHF | Note | Share capital |
Treasury shares |
Capital reserves |
Hedging reserve |
retained earnings |
retained earnings |
holders of Mobimo Holding AG |
controlling interests |
Total equity |
| Other | Total | Equity attributable to the share |
Non |
The Mobimo Group is a real estate company which operates exclusively in Switzerland. Its business activities consist of the long-term holding and management of commercial, industrial and residential properties, the construction and selling of owner-occupied residential properties and the development of commercial and residential properties for its own portfolio and third-party investors.
The parent company is Mobimo Holding AG, a public limited company under Swiss law, headquartered in Lucerne and listed on the SIX Swiss Exchange.
The consolidated interim financial statements of the Mobimo Group for the first half of 2016 have been produced in accordance with International Accounting Standard 34 (IAS 34) on interim financial reporting and comply with Article 17 of the SIX Swiss Exchange Directive on Financial Reporting.
The consolidated interim financial statements as at 30 June 2016 do not contain all information and disclosures required for annual financial reporting and should therefore be read in conjunction with the consolidated financial statements as at 31December 2015.
All amounts contained in the consolidated interim financial statements are shown in thousands of Swiss francs (TCHF), unless stated otherwise. The sums and totals of the individual positions may be larger or smaller than 100% due to rounding.
The accounting principles applied in the consolidated interim statements correspond to the Group accounting principles set out in the consolidated annual financial statements for 2015, with the exception of the new standards and interpretations applicable with effect from 1 January 2016.
In preparing the consolidated interim financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and contingent assets and liabilities as at the reporting date.
The main estimates and assumptions used in the measurement of assets and liabilities affect the market values of investment properties, the estimate of construction costs of trading properties and income tax. This is unchanged from the consolidated financial statements as at 31December 2015. On the real estate market at present it can be observed that, owing to the current negative interest rate environment, institutional investors are in some cases buying properties at good locations offering very low yields, their hands forced by the dearth of other investment options. This unforeseeable investor behaviour could result in some properties fetching higher sales prices than their most recent estimates of market value.
With effect from 1 January 2016, Mobimo uses the following newly applicable or amended standards and interpretations:
The amendments had no effect on the interim financial statements.
The following new and revised standards and interpretations have been approved but will only enter into force at a later date and were not applied in advance in these interim financial statements.
| Standard /Interpretation | Entry into force | Planned application by Mobimo |
||
|---|---|---|---|---|
| Amendments to IAS 7 | Disclosure Initiative | * | 01.01.2017 | 2017 financial year |
| Amendments to IAS 12 | Recognition of Deferred Tax Assets for Unrealised Losses |
* | 01.01.2017 | 2017 financial year |
| IFRS 9 | Financial Instruments | * | 01.01.2018 | 2018 financial year |
| IFRS 15 | Revenue from Contracts with Customers | ** | 01.01.2018 | 2018 financial year |
| IFRS 16 | Leases | *** | 01.01.2019 | 2019 financial year |
| Amendments to IFRS 10 and IAS 28 | Sales or contributions of assets between an investor and its associate /joint venture |
* | to be decided | not defined |
* No impact or no significant impact expected on Mobimo's consolidated financial statements.
** The potential impact on Mobimo's consolidated financial statements is described in the consolidated annual financial statements as at 31 December 2015.
*** Mobimo is currently analysing the impact.
Some of Mobimo's activities do not generate steady income over the course of the year. These include revenues from trading properties and development services in particular. Higher income may be generated in the first or second half of the year depending on the number of properties transferred or the volume of projects.
Segment information for the first half of 2016
| TCHF | Real Estate | Development | Total segments | Reconciliation | Total |
|---|---|---|---|---|---|
| Income from rental of properties | 53,110 | 3,668 | 56,778 | 56,778 | |
| Net income from revaluation | 8,675 | 12,190 | 20,864 | 20,864 | |
| Income from sale of trading properties and development | |||||
| services | 31,465 | 28,201 | 59,666 | 59,666 | |
| Profit on disposal of investment properties | 33,861 | 0 | 33,861 | 33,861 | |
| Other income | 1,052 | 0 | 1,052 | 1,052 | |
| Total segment income | 128,163 | 44,059 | 172,221 | 172,221 | |
| Segment result EBIT1 | 94,759 | 11,113 | 105,873 | –631 | 105,241 |
| Share of profit of equity-accounted investees | 2,205 | ||||
| Financial result | –14,718 | ||||
| Earnings before tax (EBT) | 92,728 | ||||
| Tax | –2,939 | ||||
| Profit | 89,790 | ||||
| Trading properties | 80,412 | 153,284 | 233,696 | 233,696 | |
| Investment properties | 2,008,581 | 146,114 | 2,154,695 | 2,154,695 | |
| Owner-occupied properties | 14,829 | 14,829 | 14,829 | ||
| Investment properties under construction | 172,250 | 172,250 | 172,250 | ||
| Total segment assets | 2,103,822 | 471,648 | 2,575,470 | 2,575,470 | |
| Non-attributed assets | 362,293 | 362,293 | |||
| Total assets | 2,937,763 | ||||
| Depreciation and amortisation | –660 | –610 | –1,270 | –1,270 | |
| Investments in non-current assets | 1,776 | 29,284 | 31,061 | 1,755 | 32,816 |
1 Reconciliation EBIT is the compensation for the Board of Directors.
| TCHF | Real Estate | Development | Total segments | Reconciliation | Total |
|---|---|---|---|---|---|
| Income from rental of properties | 49,021 | 3,602 | 52,624 | 52,624 | |
| Net income from revaluation | 9,525 | 203 | 9,728 | 9,728 | |
| Income from sale of trading properties and | |||||
| development services | 0 | 17,695 | 17,695 | 17,695 | |
| Profit on disposal of investment properties | 15,809 | 0 | 15,809 | 15,809 | |
| Other income | 354 | 0 | 354 | 354 | |
| Total segment income | 74,709 | 21,500 | 96,209 | 96,209 | |
| Segment result EBIT1 | 63,363 | –2,558 | 60,805 | –624 | 60,181 |
| Share of profit of equity-accounted investees | 1,202 | ||||
| Financial result | –17,501 | ||||
| Earnings before tax (EBT) | 43,882 | ||||
| Tax | –8,131 | ||||
| Profit | 35,752 | ||||
| Trading properties | 29,090 | 200,313 | 229,404 | 229,404 | |
| Investment properties | 1,845,798 | 211,704 | 2,057,502 | 2,057,502 | |
| Owner-occupied properties | 15,637 | 15,637 | 15,637 | ||
| Investment properties under construction | 165,130 | 165,130 | 165,130 | ||
| Total segment assets | 1,890,525 | 577,147 | 2,467,672 | 2,467,672 | |
| Non-attributed assets | 250,218 | 250,218 | |||
| Total assets | 2,717,890 | ||||
| Depreciation and amortisation | –469 | –560 | –1,029 | –1,029 | |
| Investments in non-current assets | 6,221 | 26,931 | 33,152 | 1,191 | 34,344 |
1 Reconciliation EBIT is the compensation for the Board of Directors.
Rental income can be broken down as follows:
| TCHF | HY 2016 | HY 2015 |
|---|---|---|
| Commercial properties | 39,589 | 39,993 |
| Residential properties | 16,283 | 12,369 |
| Income from rental of | ||
| investment properties | 55,872 | 52,362 |
| Trading properties1 | 906 | 261 |
| Total income from rental | ||
| of properties | 56,778 | 52,624 |
| Commercial properties | –5,880 | –4,711 |
| Losses on receivables commercial properties |
–31 | 46 |
| Residential properties | –2,389 | –1,302 |
| Losses on receivables residential properties |
–56 | 37 |
| Investment property expense | –8,355 | –5,930 |
| Rented trading properties1 | –170 | –68 |
| Losses on receivables from trading properties1 |
0 | –5 |
| Total expense for rental | ||
| of properties | –8,525 | –6,004 |
| Net rental income | 48,253 | 46,620 |
1 Rental income or expenses from development properties.
The future rental income set out below will be generated from non-cancellable rental agreements for investment properties:
| TCHF | Commercial properties |
Residential properties |
30.06.2016 Total |
|---|---|---|---|
| Rental income within 1 year |
66,018 | 2,474 | 68,492 |
| Rental income within 2 to 5 years |
170,286 | 7,309 | 177,596 |
| Rental income in over 5 years |
181,062 | 4,846 | 185,907 |
| Total future rental in come from non-cancel lable rental agreements |
417,367 | 14,629 | 431,995 |
| TCHF | Commercial properties |
Residential properties |
31.12.2015 Total |
|---|---|---|---|
| Rental income within 1 year |
72,402 | 2,483 | 74,884 |
| Rental income within 2 to 5 years |
184,121 | 5,734 | 189,855 |
| Rental income in over 5 years |
175,990 | 3,741 | 179,731 |
| Total future rental in come from non-cancel lable rental agreements |
432,512 | 11,958 | 444,470 |
The five biggest tenants generate the following shares of rental income:
| % | 30.06.2016 | 31.12.2015 |
|---|---|---|
| SV Group | 6.3 | 6.1 |
| Swisscom Group | 5.3 | 5.1 |
| Coop Group | 3.1 | 3.1 |
| Senevita AG | 3.0 | n/a |
| Migros Group | 2.9 | 2.8 |
| Total1 | 20.6 | 19.8 |
1 As at 30 June 2016, Senevita AG is now one of the five biggest tenants, which is why Rockwell Automation AG (as at 31 December 2015: 2.7%) no longer appears in the list.
Investment properties developed as follows:
| Commercial | Residential | Development | Investment properties under |
30.06.2016 | |
|---|---|---|---|---|---|
| TCHF | properties | properties | properties | construction | Total |
| Market value as at 01.01.2016 | 1,357,011 | 760,117 | 142,470 | 153,170 | 2,412,768 |
| Acquisition costs | |||||
| As at 01.01.2016 | 1,189,840 | 632,180 | 161,599 | 153,867 | 2,137,486 |
| Increases from investments | 1,779 | –2 | 4,757 | 23,643 | 30,177 |
| Capitalisation of borrowing costs | 0 | 0 | 117 | 767 | 884 |
| Capitalisation / amortisation of lease incentives | –438 | 0 | 0 | 0 | –438 |
| Disposals | 0 | –83,115 | 0 | 0 | –83,115 |
| Transfers to trading properties | 0 | 0 | 0 | –20,306 | –20,306 |
| Transfers between categories | 0 | 0 | –1,579 | 1,579 | 0 |
| Cumulative acquisition costs as at 30.06.2016 | 1,191,180 | 549,062 | 164,894 | 159,551 | 2,064,688 |
| Revaluation | |||||
| Total as at 01.01.2016 | 167,171 | 127,937 | –19,129 | –697 | 275,282 |
| Gains on valuations1 | 7,772 | 14,893 | 810 | 14,716 | 38,191 |
| Losses on valuations1 | –12,975 | –1,016 | –1,064 | –2,272 | –17,327 |
| Disposals2 | 0 | –35,445 | 0 | 0 | –35,445 |
| Transfers to trading properties | 0 | 0 | 0 | 1,556 | 1,556 |
| Transfers between categories | 0 | 0 | 603 | –603 | 0 |
| Cumulative revaluation as at 30.06.2016 | 161,969 | 106,370 | –18,780 | 12,699 | 262,257 |
1 Corresponds to the sum of "Gains from revaluation of investment properties" and "Losses on revaluation of investment properties" in the income statement and represents the unrealised gains on properties that were in the investment portfolio as at the end of the year under review.
2 Included as a realised gain in "Profit on disposal of investment properties" in the income statement.
No investment properties were acquired in the first half of 2016.
In the year under review, the following properties were sold:
| Investment property | Category of investment property |
|---|---|
| Zurich, Katzenbachstrasse 221 – 231 | Residential property |
| Zurich, Manessestrasse 190/192; | Residential property |
| Staffelstrasse 1/3/5 |
The sale of properties for a total of CHF 153.2 million produced a profit of about CHF 33.9 million.
The following properties are shown under transfers:
| from | to | |
|---|---|---|
| Lausanne, Rue des Côtes-de-Montbenon 1/3/5 | ||
| Development properties | Investment properties under construction |
|
| Zurich, Albulastrasse 42 | (part of Zurich, Albula-/Hohlstrasse as at 31 December 2015) | |
| Investment properties under construction |
Trading properties |
The investment properties are valued by external, independent and certified real estate appraisers Wüest & Partner AG and Jones Lang LaSalle AG using the DCF method. Based on the real estate values as at 30 June 2016, 89% of the value was calculated by Wuest & Partner AG and 11% by Jones Lang LaSalle AG. For the DCF valuations as at 30 June 2016, the discount rates applied averaged 4.04% (as at 31December 2015: 4.08%), within a range from 3.0% to 5.8% (as at 31December 2015: 2.9% to 5.6%).
As at 30 June 2016, capital commitments for future construction investments in investment properties totalled CHF 133.8 million (31 December 2015: CHF 116.1 million). These commitments relate to the agreements concluded with general contractors/ planners for the investment properties under construction and development properties.
Profit can be broken down as follows:
| TCHF | 30.06.2016 | 30.06.2015 |
|---|---|---|
| Income from sale of trading properties and development services |
59,666 | 17,695 |
| Construction costs of trading properties sold and expenses from development services |
–42,351 | –16,392 |
| Changes in valuation allowances | –330 | 0 |
| Total expenses from sale oftrading properties and development services |
–42,681 | –16,392 |
| Profit on sale of trading properties and development services |
16,985 | 1,303 |
In the first half of 2016, 23 apartments and the Mattenhof II building plot were transferred from Investments for Third Parties to the owner. In addition, income includes the proceeds from services under project development contracts where profits were realised in accordance with the percentage of completion (POC) method.
The recognised portfolio of properties comprises the following:
| TCHF | 30.06.2016 | 31.12.2015 |
|---|---|---|
| Land / development projects Properties under construction |
30,933 104,399 |
42,181 88,101 |
| Completed real estate and development properties |
98,364 | 96,281 |
| Total trading properties | 233,696 | 226,564 |
In the first half of 2016, ownership of the building plot of the development project at Mattenhof II in Kriens was transferred to the buyer. The development at Lucerne, Büttenenhalde, was also completed during the first half of 2016 and 16 of the 21 apartments were sold. Among completed properties, two apartments in Zurich, Badenerstrasse, four apartments in Regensdorf, Im Pfand, and one apartment in Zurich, Turbinenstrasse (Mobimo Tower), were sold.
The financial liabilities can be broken down as follows:
| TCHF | 30.06.2016 | 31.12.2015 |
|---|---|---|
| Fixed-rate mortgage amortisation due within 12 months | 10,355 | 10,313 |
| Mortgages due for extension or repayment within 12 months | 69,439 | 14,090 |
| Total current financial liabilities | 79,795 | 24,403 |
| Mortgages | 766,966 | 829,801 |
| Bonds | 512,705 | 512,453 |
| Total non-current financial liabilities | 1,279,671 | 1,342,254 |
| Total financial liabilities | 1,359,465 | 1,366,657 |
| Interest rate swaps applying hedge accounting | 45,560 | 29,000 |
| Interest rate swaps through P & L | 11,627 | 9,997 |
| Total non-current derivative financial instruments | 57,187 | 38,998 |
All financial liabilities are denominated in Swiss francs.
The following bonds are included under non-current financial liabilities:
| TCHF | 1.5% bond (2013 – 2018) | 1.625% bond (2014 – 2021) | 1.875% bond (2014 – 2024) | Total |
|---|---|---|---|---|
| Net proceeds from issuance | 164,158 | 197,967 | 149,452 | 511,577 |
| Cumulative amortisation of issuance costs | 357 | 452 | 67 | 876 |
| Carrying amount 01.01.2016 | 164,515 | 198,419 | 149,519 | 512,453 |
| Amortisation of issuance costs | 84 | 142 | 26 | 252 |
| Carrying amount 30.06.2016 | 164,599 | 198,561 | 149,545 | 512,705 |
| Features | 1.5% bond (2013 – 2018) | 1.625% bond (2014 – 2021) | 1.875% bond (2014 – 2024) |
|---|---|---|---|
| Volume: | CHF 165 million | CHF 200 million | CHF 150 million |
| Term: | 5 years (29.10.2013 – 29.10.2018) | 7 years (19.05.2014 – 19.05.2021) | 10 years (16.09.2014 – 16.09.2024) |
| Interest rate: | 1.5% p.a., payable annually on 29.10., with the first payment on 29.10.2014 |
1.625% p.a., payable annually on 19.05., with the first payment on 19.05.2015 |
1.875% p.a., payable annually on 16.09., with the first payment on 16.09.2015 |
| Effective rate of interest: |
1.6070% | 1.7921% | 1.9264% |
| Listing: | SIX Swiss Exchange | SIX Swiss Exchange | SIX Swiss Exchange |
| Swiss security no.: | 22492349 | 24298406 | 25237980 |
Mobimo has concluded separate interest rate swaps with a contract volume of CHF 195.2 million (31 December 2015: CHF 195.2 million). These are used to hedge loans in the form of fixed advances (terms of three to six months) against rising interest rates.
Of these, CHF 118.9 million (31December 2015: CHF 128.9 million) are classified as cash flow hedges. The fair value of these financial instruments with a negative replacement value totals CHF 45.6 million (31December 2015: CHF 29.0 million). As at 30 June 2016, the hedge using an interest rate swap of CHF 10 million was no longer effective and is therefore now being managed as an interest rate swap without the application of hedge accounting. The change in value of the interest rate swap that continues to be classified as a cash flow hedge is divided into an effective and an ineffective portion.
The effective portion of the fair value adjustments of CHF 19.2 million (31December 2015: CHF 6.0 million) was recognised as an unrealised loss under other comprehensive income. Ineffectiveness totalling CHF –1.3 million (31 December 2015: CHF 0.9 million) was credited to financial expense in the income statement.
In addition, interest rate hedges totalling CHF 76.3 million (31December 2015: CHF 66.3 million) are not classified as cash flow hedges. The fair value of interest rate swaps with a negative replacement value not held for hedge accounting purposes is CHF 11.6 million (31December 2015: CHF 10.0 million). Fair value adjustments of CHF 0.3 million (net) were recognised under financial expense through profit or loss. As at 30 June 2016, the fair value of all derivatives totalled CHF 57.2 million (31December 2015: CHF 39.0 million).
Financial liabilities as at the reporting date comprised the following maturities, taking into account interest rate hedging, i.e. the maturities of designated swaps are taken into account instead of the maturities of fixed advances:
| TCHF | 30.06.2016 | 31.12.2015 |
|---|---|---|
| Due within 1st year | 79,795 | 24,403 |
| Due within 2nd year | 15,287 | 75,064 |
| Due within 3rd year | 252,024 | 191,600 |
| Due within 4th year | 43,546 | 65,317 |
| Due within 5th year | 315,636 | 115,278 |
| Due within 6th year | 93,241 | 261,869 |
| Due within 7th year | 111,154 | 150,799 |
| Due within 8th year | 4,165 | 37,117 |
| Due within 9th year | 151,047 | 151,021 |
| Due within 10th year | 8,815 | 1,502 |
| Due within 11th year and longer | 284,756 | 292,687 |
| Total financial liabilities | 1,359,465 | 1,366,657 |
The average residual maturity of total financial liabilities as at 30 June 2016 was 7.3 years (31 December 2015: 7.7 years).
Interest rate periods are as follows (composition until next interest rate adjustment):
| TCHF | 30.06.2016 | 31.12.2015 |
|---|---|---|
| Up to 1 year | 79,795 | 24,403 |
| Up to 2 years | 15,287 | 75,064 |
| Up to 3 years | 252,024 | 191,600 |
| Up to 4 years | 43,546 | 65,317 |
| Up to 5 years | 315,636 | 115,278 |
| Over 5 years | 653,178 | 894,995 |
| Total financial liabilities | 1,359,465 | 1,366,657 |
The average rate of interest applied to all financial liabilities in the first half of 2016 was 2.39% (full-year 2015: 2.46%)
The carrying amounts in the annual financial statements for cash, trade receivables, other current receivables and current liabilities are very close to the fair values given the short terms involved.
For interest rate swaps, fair value is the present value of the forward contract and corresponds to the carrying amount.
For fixed-rate financial liabilities, fair value corresponds to the time value of the future cash flows to be discounted as at the reporting date using the market interest rate. Rates of interest for discounting future cash flows are based on money and capital market rates as at the time of valuation plus an adequate interest spread of 0.80%. The discount rates applied as at 30 June 2016 were between –0.07% and 0.96% (as at 31 December 2015: between 0.10% and 1.70%). The fair value of the listed bonds corresponded to the price as at the reporting date.
The table below shows financial instruments carried at fair value, by measurement method, as at the reporting date. The different levels have been defined as follows:
| 30.06.2016 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Derivative financial instruments | 0 | 57,187 | 0 |
| 31.12.2015 | Level 1 | Level 2 | Level 3 |
| Derivative financial instruments | 0 | 38,998 | 0 |
Level 2 fair values for derivative financial instruments are based on valuations by the counterparty (banks). The plausibility of these counterparty valuations is checked by comparing them with calculations in which the expected future cash flows are discounted using the market interest rate.
The Annual General Meeting of 29 March 2016 approved a distribution from the capital contribution reserves of CHF 10.00 per share for the 2015 financial year, which was paid on 5 April 2016. The nominal value of Mobimo shares remains at CHF 29.00.
As at 30 June 2016, share capital amounted to CHF 180.3 million and was composed of 6,218,170 registered shares with a nominal value of CHF 29.00 each. 2,844 treasury shares were held as at 30 June 2016.
Changes in the equity holding can be summarised as follows:
| Shares out | |||
|---|---|---|---|
| No. of shares | Shares issued | Treasury shares | standing |
| As at 01.01.2015 | 6,216,606 | –1,623 | 6,214,983 |
| Issue of shares from conditional capital for |
|||
| options exercised | 1,564 | 1,564 | |
| Share-based payments to Board of Directors and |
|||
| management | 1,576 | 1,576 | |
| Acquisition of | |||
| treasury shares | –1,200 | –1,200 | |
| As at 31.12.2015/ | |||
| 01.01.2016 | 6,218,170 | –1,247 | 6,216,923 |
| Share-based payments to Board of Directors and |
|||
| management | 5,403 | 5,403 | |
| Acquisition of | |||
| treasury shares | –7,000 | –7,000 | |
| As at 30.06.2016 | 6,218,170 | –2,844 | 6,215,326 |
Authorised share capital is also available, allowing the Board of Directors to increase the share capital of the company by a maximum of CHF 34.8 million within two years (up to March 2018) at most via the issue of up to 1,200,000 registered shares, to be fully paid up, with a nominal value of CHF 29.00 per share.
There is also conditional share capital of a maximum of CHF 0.9 million for the issue of up to 32,446 fully paid up registered shares with a nominal value of CHF 29.00 for the subscription rights created after 5 May 2010 under an employee share option programme. Shareholders' subscription rights are excluded.
On 20 March 2016, the electorate in the Canton of Vaud voted in a referendum in favour of the canton's new tax law, whose provisions include a substantial reduction in the canton's corporate tax rate. Consequently, the new lower tax rates are to already be applied for the calculation of deferred taxes for temporary differences realised only after 1 January 2019. This gives rise to a non-recurring positive effect of CHF 21.5 million in deferred tax liabilities, in particular on the differences in values of investment properties. The new law provides for the canton's governing council to propose measures to the canton's legislative body should expected amendments be delayed at federal level.
Earnings per share are calculated by dividing the Group result attributable to the shareholders of Mobimo Holding AG by the weighted average of the number of shares outstanding during the reporting period. Diluted earnings per share additionally take account of any shares arising from the exercise of options and the conversion of convertible bonds into shares. There were no dilutive effects in the reporting period.
The net asset value (NAV) was CHF 1,267.3 million (31December 2015: CHF 1,258.6 million), while the NAV per share came to CHF 203.89 (31December 2015: CHF 202.45). The NAV corresponds to the equity attributable to Mobimo shareholders in accordance with IFRS. As neither convertible bonds nor options were outstanding on the reporting date and there were thus no dilutive effects, the diluted NAV and diluted NAV per share correspond to the NAV and NAV per share.
On 5 April 2016, Mobimo Holding AG acquired the remaining 50% of the capital and voting rights of FM Service &Dienstleistungs AG. This acquisition was carried out at the value of the pro-rata share of equity on the date of the takeover (CHF 0.28 million); in other words, CHF 0.14 million. As at this date, the company is fully consolidated and included in the Real Estate division. The purpose of the company is to provide services in the real estate area, in particular in facility management. The company has to date provided facility management and central services for the tenants of the property at Zurich, Friesenbergstrasse; im Tiergarten 7. Based on its intention to extend these services to other Mobimo properties, Mobimo consequently decided to acquire the remaining shares of the joint venture partner.
In the first half of 2016, Mobimo acquired additional shares in Dual Real Estate Investment SA (Dual Group), thereby increasing its ownership interest to 99.7% (31 December 2015: 99.5%) as at 30 June 2016. Following the share's delisting, its last trading day on the Berne eXchange was 11 March 2016.
As part of restructuring within the companies covered under the scope of consolidation, the company ProviHold SA, Lausanne was merged into LO immeubles S.A., Lausanne.
The consolidated interim financial statements were approved for publication by the Board of Directors on 28 July 2016.
On 6 July 2016, ownership of the property at Langenthal, Kühlhausstrasse was transferred from Investments for Third Parties to the buyer.
On 1 July 2016, the purchase of 66% of the shares of BSS &M Real Estate AG was completed. The purpose of the company is to develop, plan and realise real estate projects for both its own account and for third parties and to provide additional related services. The basic purchase price is CHF 12.8 million, while there are further conditional purchase price elements totalling a maximum of CHF 5.1 million. The basic purchase price will be paid in cash upon the closing of the transaction. According to the figures for the 2015 financial year prepared in accordance with commercial law, BSS &M Real Estate AG generated revenue of CHF 8.3 million. With its acquisition of BSS &M Real Estate AG, Mobimo is acquiring in particular ongoing projects under Investments for Third Parties and sale of condominiums.
No other events took place between 30 June 2016 and the approval date of these consolidated interim financial statements that would require adjustments to the carrying amounts of assets and liabilities as at 30 June 2016 or would require disclosure in this section.
Half-Year Report 2016 35
| Location | Address | Site area in m2 |
Register of polluted sites |
Built | Acquired |
|---|---|---|---|---|---|
| Land and development projects | |||||
| Langenthal | Kühlhausstrasse 8 | 13,080 | yes (insignificant) | Sep 2015 | |
| Merlischachen | Chappelmatt Strasse (Burgmatt) | 15,507 | no | 2014/2015 | |
| Weggis | Hertensteinstrasse 105 | 3,043 | no | May 2010 | |
| Zurich | Allmendstrasse 92 – 96 (Manegg)3 | 11,247 | yes (insignificant) | March 2015 | |
| 42,877 | |||||
| Properties under construction | |||||
| Aarau | Site 4 (Torfeld Süd) | 11,105 | no | June 2001 | |
| Langenthal | Kühlhausstrasse3 | 2,284 | no | March 2014 | |
| Zurich | Albulastrasse 423 | 1,938 | no | April 2010 | |
| 15,327 | |||||
| Completed real estate and development properties | |||||
| Aarau | Buchserstrasse 8 | 241 | no | 1907 | March 2011 |
| Allaman | Chemin des Grangettes 22 | 23,213 | no | 1991 | Sep 2015 |
| Lucerne | Büttenenhalde | 7,115 | no | Dec 2011 | |
| Meilen | Feldgüetliweg 143/145 | 2,687 | no | Nov 2011 | |
| Regensdorf | Im Pfand 2 (Sonnenhof) | 6,106 | no | June 2007 | |
| St. Erhard | Längmatt | 5,801 | no | 1979 | Oct 2012 |
| St. Moritz | Via Maistra 292 | 557 | no | 1930 | July 2010 |
| Zurich | Badenerstrasse 595 (Station 595) | 2,389 | no | 1954 | May 2012 |
| Zurich | Turbinenstrasse trading property (Mobimo Tower) |
1,936 | no | May 2008 | |
| 50,045 |
1 Status: certified purchase agreement.
2 Development properties.
3 Sale as project.
| Carrying amount 30.06.2016 in TCHF |
Realisation period |
Project status 30.06.2016 |
Sales volumes in TCHF |
Description |
|---|---|---|---|---|
| 366 | open | in planning | open | open |
| 15,982 | open | in planning | open | 78 condominiums |
| 10,463 | open | in planning | open | open |
| 4,123 | open | in planning | open | open |
| 30,933 | ||||
| 52,997 | 2014/2017 | construction project | 84,685 | 92 condominiums |
| 29,049 | 2014/2016 | construction project | open | office building |
| 22,353 | 2016/2017 | construction project | open | residential building |
| 104,399 | 84,685 | |||
| 470 | open | for sale | open | residential property |
| 24,522 | open | in planning | open | open |
| 9,297 | 2014/2016 | for sale | 30,278 | 24 condominiums |
| 13,272 | 2013/2015 | for sale | 27,820 | 14 condominiums |
| 1,163 | 2013/2015 | for sale | 34,285 | 45 condominiums |
| 7,071 | open | for sale | open | commercial building |
| 16,758 | open | in planning | open | open |
| 1,540 | 2013/2014 | for sale | 52,644 | 60 condominiums |
| for sale | 170,043 | 53 condominiums | ||
| 24,270 | 2008 / 2011 |
| Location | Address | Acquired | Built | Year renovated |
|---|---|---|---|---|
| Aarau | Bahnhofstrasse 102 (Mediapark) | March 2004 | 1975 | 1998 |
| Aarau | Industriestrasse 28; Torfeldstrasse Parkhaus | June 2001/Oct 2006 | ||
| Aarau | Industriestrasse 20 (Polygon) | June 2001 | 2012 | |
| Affoltern am Albis | Obstgartenstrasse 9, Alte Oberfeldstrasse 27/29 | Aug 2011 | 2013 | |
| Basel | Lyon Strasse 40 | Nov 2015 | 1940 | |
| Brugg | Bahnhofstrasse 11 | June 2006 | 2005 | |
| Dierikon | Pilatusstrasse 2 | May 2009 | 1990 | 2007 |
| Dübendorf | Sonnentalstrasse 5 | March/Dec 1999 | 1975 | 2000 |
| Dübendorf | Zürichstrasse 98 | Jan 2000 | 1965 | 1983 |
| Geneva | Rue des Etuves 16 – 18 | Nov 2015 | 1910 | |
| Horgen | Seestrasse 80 | Nov 2005 | 1960 | 2000/2008 |
| Horgen | Seestrasse 82 | Nov 2005 | 2010/2011 | |
| Kreuzlingen | Lengwilerstrasse 2 | April 2007 | 2007 | |
| Kreuzlingen | Leubernstrasse 3; Bottighoferstrasse 1 | Nov 2006 | 1983/2003 | 2003 |
| Kreuzlingen | Romanshornerstrasse 126 | Nov 2006 | n / a | |
| Kriens | Sternmatt 6 | Feb 2004 | 1986 | 2008 |
| Lausanne | Avenue d'Ouchy 4 – 6 (Horizon) | May 2010 | 2013 | 2013 |
| Lausanne | Flonplex | Nov 2009 | n / a | |
| Lausanne | Parking du Centre | Nov 2009 | n / a | |
| Lausanne | Place de la Gare 4 | Nov 2009 | 1961 | 2000 |
| Lausanne | Place de la Navigation 4 – 6 | Nov 2009 | 1895 | 2002 |
| Lausanne | Place de l'Europe 6 | Nov 2009 | 1905 | 2012 |
| Lausanne | Place de l'Europe 7 | Nov 2009 | 1905 | 2001 |
| Lausanne | Place de l'Europe 8 | Nov 2009 | 1911 | 1989 |
| Lausanne | Place de l'Europe 9 | Nov 2009 | 1900 | 2002 |
| Lausanne | Rue de Genève 2/4/6/8 | Nov 2009 | 1904 | 2002 |
| Lausanne | Rue de Genève 7 | Nov 2009 | 1932 | 1992/2011 |
| Lausanne | Rue de Genève 17 | Nov 2009 | 1884 | 2002 |
| Lausanne | Rue de Genève 23 | Nov 2009 | 1915 | 2005 |
| Lausanne | Rue de la Vigie 3 | Nov 2009 | 1964 | |
| Lausanne | Rue de la Vigie 5 | Nov 2009 | 1963 | 1988 |
| Lausanne | Rue des Côtes-de-Montbenon 6 | Nov 2009 | 1921 | 2009 |
| Lausanne | Rue des Côtes-de-Montbenon 8/10 | Nov 2009 | 1946 | 1998 |
| Lausanne | Rue des Côtes-de-Montbenon 12 | Nov 2009 | 1918 | 2004 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | Nov 2009 | 1912 | 2007 |
| Lausanne | Rue des Côtes-de-Montbenon 20 – 24 | Nov 2009 | 2013 | |
| Lausanne | Rue des Côtes-de-Montbenon 26 | Nov 2009 | n / a | |
| Lausanne | Rue des Côtes-de-Montbenon 28/30 | Nov 2009 | n / a | |
| Lausanne | Rue du Port-Franc 9 | Nov 2009 | 1927 | 2009 |
| Lausanne | Rue du Port-Franc 11 | Nov 2009 | 2008 | |
| Lausanne | Rue du Port-Franc 17 | Nov 2009 | 2002 | |
| Lausanne | Rue du Port-Franc 22; Rue de la Vigie 1 | Nov 2009 | 2007 | |
| Lausanne | Voie du Chariot 3 | Nov 2009 | 2008 | |
| Lausanne | Voie du Chariot 4/6 | Nov 2009 | 2008 | |
| Lausanne | Voie du Chariot 5/7 | Nov 2009 | 2008 |
1 Target rental income as at reporting date 30.06.2016 as % of market value.
2 Vacancy rate as % of target rental income.
| Year renovated |
Fair value in TCHF |
Acquisition costs in TCHF |
Gross yield in %1 |
Target rental revenues in TCHF |
Vacancy rate as at 30.06.2016 in %2 |
Vacant area as at 30.06.2016 in % |
|---|---|---|---|---|---|---|
| 1998 | 22,960 | 9.3 | 2,141 | 45.0 | 40.3 | |
| 27,743 | 6.7 | 1,857 | 0.0 | 0.0 | ||
| 24,330 | 5.2 | 1,263 | 0.0 | 0.0 | ||
| 73,950 | 4.5 | 3,302 | 0.0 | 0.0 | ||
| 860 | 7.9 | 68 | 0.0 | 0.0 | ||
| 27,320 | 5.5 | 1,516 | 5.1 | 3.2 | ||
| 2007 | 10,210 | 7.4 | 753 | 0.9 | 0.7 | |
| 2000 | 25,640 | 6.9 | 1,760 | 21.9 | 20.7 | |
| 1983 | 20,980 | 6.9 | 1,438 | 6.3 | 5.0 | |
| 11,370 | 5.3 | 607 | 48.1 | 28.2 | ||
| 2000/2008 | 7,650 | 6.8 | 517 | 0.2 | 0.0 | |
| 5,888 | 4.6 | 268 | 8.4 | 0.0 | ||
| 6,300 | 5.1 | 322 | 0.0 | 0.0 | ||
| 2003 | 61,152 | 5.9 | 3,622 | 1.1 | 1.5 0.0 |
|
| 2008 | 1,886 | 4.3 | 80 | 0.0 | 4.0 | |
| 25,190 | 9.4 | 2,362 | 3.3 | |||
| 2013 | 65,700 | 4.9 | 3,249 | 0.0 | 0.0 0.0 |
|
| 4,748 | 4.4 | 210 | 0.0 | |||
| 8,476 | 5.4 | 457 | 0.0 | |||
| 2000 | 27,760 | 5.4 | 1,502 | 0.0 | ||
| 2002 2012 |
13,410 | 5.0 | 676 | 0.0 | ||
| 6,017 | 5.0 | 303 | 0.0 | |||
| 2001 1989 |
8,463 | 5.4 | 456 | 0.0 | 22.9 | |
| 8,298 | 5.1 | 423 | 33.5 | |||
| 23,610 | 5.3 | 1,250 | 0.0 | |||
| 21,920 | 6.0 | 1,308 | 0.0 | |||
| 1992/2011 2002 |
31,760 | 5.2 | 1,639 | 0.0 | ||
| 21,720 | 5.4 | 1,167 | 0.2 | |||
| 2005 | 3,384 | 5.4 | 182 | 0.0 | ||
| 6,874 | 7.6 | 521 | 47.4 | |||
| 14,010 7,885 |
6.1 4.6 |
860 359 |
0.0 0.0 |
|||
| 8,975 | 5.9 | 531 | 0.0 | |||
| 3,820 | 8.2 | 314 | 0.0 | |||
| 2004 2007 |
5,703 | 5.3 | 304 | 0.0 | ||
| 41,160 | 5.3 | 2,197 | 0.0 | |||
| 1,883 | 4.2 | 79 | 0.0 | |||
| 2,169 | 3.4 | 74 | 0.0 | |||
| 2009 | 6,885 | 5.0 | 342 | 0.0 | ||
| 12,590 | 5.8 | 734 | 20.3 | 23.3 | ||
| 12,200 | 6.0 | 730 | 0.0 | |||
| 18,620 | 6.7 | 1,244 | 14.0 | 15.3 | ||
| 15,320 | 5.5 | 845 | 1.1 | |||
| 30,120 | 6.2 | 1,863 | 0.0 | |||
| 33,200 | 5.0 | 1,658 | 0.0 | |||
| 63 | Commercial investment properties | |||
|---|---|---|---|---|
| Zurich | Turbinenstrasse 18 (Mobimo Tower Hotel) | May 2008 | 2011 | |
| Zurich | Treichlerstrasse 10; Dolderstrasse 16 | May 2014 | 1963 | 2007 |
| Zurich | Thurgauerstrasse 23; Siewerdtstrasse 25 | March 2002 | 1963/1968/1985 | 1998 |
| Zurich | Stauffacherstrasse 41 | June 2000 | 1990 | 2011 |
| Zurich | Rautistrasse 12 | Nov 1999 | 1972 | 2011 |
| Zurich | Hardturmstrasse 3/3a/3b (Mobimo-Hochhaus) | Nov 1999 | 1974 | 2001/2008 |
| Zurich | Friesenbergstrasse 75; Im Tiergarten 7 | Feb 2014 | 1976/1992 | 1999 |
| Zurich | Friedaustrasse 17 | Oct 1998 | 1968 | 2013 |
| Zurich | Bahnhofplatz 4 | July 2006 | 1881 | 2002/2005 |
| Winterthur | Industriestrasse 26 | Oct 1999 | 1994 | 2002 |
| St. Gallen | Wassergasse 50/52 | Feb 2004 | 1998 | |
| St. Gallen | Wassergasse 42/44 | Feb 2004 | 1966 | 2000 |
| St. Gallen | St. Leonhardstrasse 22 | Dec 2004 | 1900 | 2002/2006 |
| St. Gallen | Schochengasse 6 | Feb 2004 | 1974 | 2000 |
| Renens | Chemin de la Rueyre 116/118 | March 2007 | 1989 | |
| Regensdorf | Althardstrasse 10 | Dec 2001 | 1982 | |
| Neuhausen | Victor von Bruns-Strasse 19 | March 2007 | 2007 | |
| Lucerne | Alpenstrasse 9 | June 2007 | 1890 | 2001/2010 |
| renovated | ||||
| Location | Address | Acquired | Built | Year |
| Mattenhof I | March 2005/ Feb 2013 | n / a | |
|---|---|---|---|
| Avenue d'Ouchy 4 – 6 | May 2010 | 1962 | |
| Rue de Genève 19 | Nov 2009 | 1893 | 2,002 |
| Rue de Genève 21 | Nov 2009 | 1902 | |
| Rue des Côtes-de-Montbenon 14 | Nov 2009 | 1963 | |
| Rue du Port-Franc 20; Rue de Genève 33 | Nov 2009 | 2007 | |
| Althardstrasse 30 | Dec 2001 | 1976 | |
7 Development properties (commercial properties) 146,114 164,894 5.9 8,614 37.5 40.4
1 Target rental income as at reporting date 30.06.2016 as % of market value.
2 Vacancy rate as % of target rental income.
| Vacancy rate as at | Target rental revenues | Gross yield | Acquisition costs | Fair value |
|---|---|---|---|---|
| in TCHF 12,490 |
||||
| 10,630 | ||||
| 18,650 | ||||
| 11,860 | ||||
| 17,360 | ||||
| 5,220 | ||||
| 15,110 | ||||
| 13,370 | ||||
| 19,140 | ||||
| 21,190 | ||||
| 13,230 | ||||
| 90,310 | ||||
| 59,060 | ||||
| 20,000 | ||||
| 49,460 | ||||
| 14,360 | ||||
| 15,160 | ||||
| 126,440 | ||||
| 1,353,149 | ||||
| 0.0 | - | 0.0 | 24,200 | |
| 25.5 | 3,346 | 5.5 | 60,370 | |
| 21.4 | 424 | 12.0 | 3,541 | |
| 24.7 | 341 | 10.0 | 3,420 | |
| 0.0 | 36 | 2.6 | 1,393 | |
| 29.1 | 2,764 | 7.0 | 39,490 | |
| 81.9 | 1,703 | 12.4 | 13,700 | |
| 37.5 | 8,614 | 5.9 | 164,894 | 146,114 |
| 30.06.2016 in %2 0.0 35.4 25.0 1.0 0.4 0.0 7.0 0.0 11.5 0.0 1.2 9.6 0.0 7.3 0.0 0.9 4.2 0.0 5.5 |
in TCHF 566 709 1,849 866 1,110 271 983 829 1,497 918 693 5,917 3,225 1,391 2,395 970 893 6,951 79,384 |
in %1 4.5 6.7 9.9 7.3 6.4 5.2 6.5 6.2 7.8 4.3 5.2 6.6 5.5 7.0 4.8 6.8 5.9 5.5 5.9 |
in TCHF 1,191,180 |
| Location | Address | Ownership | Site area in m2 | Register of polluted sites |
|---|---|---|---|---|
| Aarau | Bahnhofstrasse 102 (Mediapark) | sole ownership | 5,675 | no |
| Aarau | Industriestrasse 28; Torfeldstrasse Parkhaus | sole ownership | 13,727 | yes (insignificant) |
| Aarau | Industriestrasse 20 (Polygon) | sole ownership | 3,840 | yes (Code D)3 |
| Affoltern am Albis | Obstgartenstrasse 9, Alte Oberfeldstrasse 27/29 | sole ownership | 6,455 | no |
| Basel | Lyon Strasse 40 | sole ownership | 1,910 | no |
| Brugg | Bahnhofstrasse 11 | condo (773/1000) | 2,726 | no |
| Dierikon | Pilatusstrasse 2 | sole ownership | 4,397 | no |
| Dübendorf | Sonnentalstrasse 5 | condo (930/1000) | 4,368 | yes (code D)3 |
| Dübendorf | Zürichstrasse 98 | sole ownership | 9,809 | yes (petrol station) |
| Geneva | Rue des Etuves 16 – 18 | sole ownership | 484 | no |
| Horgen | Seestrasse 80 | sole ownership | 3,483 | no |
| Horgen | Seestrasse 82 | sole ownership | 0 | no |
| Kreuzlingen | Lengwilerstrasse 2 | sole ownership | 6,993 | no |
| Kreuzlingen | Leubernstrasse 3; Bottighoferstrasse 1 | sole ownership | 25,530 | no |
| Kreuzlingen | Romanshornerstrasse 126 | sole ownership | 2,214 | no |
| Kriens | Sternmatt 6 | sole ownership | 14,323 | no |
| Lausanne | Avenue d'Ouchy 4 – 6 (Horizon) | sole ownership | 12,609 | yes7 |
| Lausanne | Flonplex | sole ownership | 1,953 | yes8 |
| Lausanne | Parking du Centre | sole ownership | 5,065 | yes8 |
| Lausanne | Place de la Gare 4 | sole ownership | 630 | no |
| Lausanne | Place de la Navigation 4 – 6 | sole ownership | 2,037 | yes4 |
| Lausanne | Place de l'Europe 6 | sole ownership | 369 | yes4 |
| Lausanne | Place de l'Europe 7 | sole ownership | 391 | yes4 |
| Lausanne | Place de l'Europe 8 | sole ownership | 1,035 | yes4 |
| Lausanne | Place de l'Europe 9 | sole ownership | 975 | yes4 |
| Lausanne | Rue de Genève 2/4/6/8 | sole ownership | 2,260 | yes4 |
| Lausanne | Rue de Genève 7 | sole ownership | 3,343 | yes4 |
| Lausanne | Rue de Genève 17 | sole ownership | 2,312 | yes4 |
| Lausanne | Rue de Genève 23 | sole ownership | 2,524 | yes6 |
| Lausanne | Rue de la Vigie 3 | sole ownership | 972 | yes7 |
| Lausanne | Rue de la Vigie 5 | sole ownership | 852 | yes7 |
| Lausanne | Rue des Côtes-de-Montbenon 6 | sole ownership | 533 | yes7 |
| Lausanne | Rue des Côtes-de-Montbenon 8/10 | sole ownership | 587 | yes4 |
| Lausanne | Rue des Côtes-de-Montbenon 12 | sole ownership | 499 | yes7 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | sole ownership | 850 | yes4 |
| Lausanne | Rue des Côtes-de-Montbenon 20 – 24 | sole ownership | 3,520 | yes |
| Lausanne | Rue des Côtes-de-Montbenon 26 | sole ownership | 867 | yes8 |
| Lausanne | Rue des Côtes-de-Montbenon 28/30 | sole ownership | 1,068 | yes7 |
| Lausanne | Rue du Port-Franc 9 | sole ownership | 2,733 | yes6 |
| Lausanne | Rue du Port-Franc 11 | sole ownership | 612 | yes5 |
| Lausanne | Rue du Port-Franc 17 | sole ownership | 776 | yes5 |
| Lausanne | Rue du Port-Franc 22; Rue de la Vigie 1 | sole ownership | 1,999 | yes5 |
| Lausanne | Voie du Chariot 3 | sole ownership | 500 | yes5 |
| Lausanne | Voie du Chariot 4/6 | sole ownership | 2,614 | yes5 |
| Lausanne | Voie du Chariot 5/7 | sole ownership | 1,042 | yes5 |
3 Code D: clarification necessary in the context of building projects.
4 Site pollution unlikely – the property must be maintained in accordance with the design plan ("Gestaltungsplan") and has been subject to comprehensive renovation in recent years.
5 Site pollution eliminated – property rebuilt in recent years.
6 Site pollution suspected but no measures expected – the property must be maintained in accordance with the design plan ("Gestaltungsplan").
| Property description9 |
Total rentable area in m2 |
Office space in % |
Sales space in % |
Commercial space in % |
Residential space in % |
Other in % |
|---|---|---|---|---|---|---|
| com | 13,484 | 64.0 | 0.0 | 8.6 | 1.4 | 26.0 |
| com | 24,267 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 |
| com | 4,465 | 91.4 | 0.0 | 0.0 | 0.0 | 8.6 |
| com | 10,625 | 0.0 | 0.0 | 0.0 | 93.0 | 7.0 |
| com | 2,230 | 0.0 | 0.0 | 59.2 | 0.0 | 40.8 |
| com | 4,023 | 33.4 | 33.8 | 21.1 | 0.0 | 11.7 |
| com | 4,387 | 60.4 | 15.8 | 15.1 | 0.0 | 8.7 |
| com | 8,792 | 18.0 | 0.0 | 71.0 | 0.0 | 11.0 |
| com | 9,847 | 29.7 | 17.4 | 26.1 | 1.1 | 25.7 |
| com + res | 1,925 | 15.9 | 18.0 | 0.0 | 66.1 | 0.0 |
| com | 2,151 | 76.2 | 0.0 | 19.0 | 0.0 | 4.8 |
| car park | 64 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| com com |
1,348 17,819 |
0.0 8.7 |
66.5 89.5 |
0.0 0.0 |
0.0 0.0 |
33.5 1.8 |
| building right | 0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| com | 20,934 | 32.1 | 4.7 | 42.4 | 1.2 | 19.6 |
| com | 8,072 | 96.6 | 0.0 | 0.0 | 0.0 | |
| building right | 1,953 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| building right | 6,526 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| com | 4,769 | 68.5 | 0.0 | 0.0 | 0.0 | |
| com - hotel | 3,437 | 0.0 | 0.0 | 0.0 | 0.0 | |
| com - hotel | 902 | 0.0 | 0.0 | 0.0 | 0.0 | |
| com | 1,440 | 66.8 | 7.9 | 0.0 | 0.0 | |
| com | 1,679 | 78.1 | 21.9 | 0.0 | 0.0 | |
| com | 3,512 | 49.5 | 36.2 | 0.0 | 0.0 | |
| com | 4,679 | 8.6 | 87.4 | 0.0 | 0.0 | |
| com -share | 5,296 | 12.3 | 26.3 | 0.0 | 20.8 | |
| investment prop. | ||||||
| com | 7,168 | 47.6 | 21.3 | 3.0 | 0.0 | |
| com | 2,322 | 0.0 | 100.0 | 0.0 | 0.0 | |
| com | 3,172 | 60.7 | 0.0 | 2.0 | 0.0 | |
| com com |
3,361 2,193 |
64.4 62.5 |
0.0 19.7 |
5.6 0.0 |
0.0 0.0 |
|
| com | 2,126 | 76.3 | 0.0 | 0.0 | 0.0 | |
| com | 935 | 44.4 | 0.0 | 0.0 | 0.0 | |
| com | 943 | 61.8 | 0.0 | 0.0 | 29.8 | |
| com | 7,370 | 0.8 | 2.8 | 0.0 | 0.0 | |
| building right | 867 | 0.0 | 0.0 | 0.0 | 0.0 | |
| building right | 1,068 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| com | 1,728 | 20.9 | 21.7 | 0.0 | 0.0 | |
| com | 2,001 | 41.2 | 8.2 | 0.0 | 0.0 | |
| com | 2,132 | 57.8 | 0.0 | 0.0 | 25.0 | |
| com | 3,806 | 68.4 | 0.0 | 0.0 | 0.0 | |
| com | 2,278 | 73.4 | 17.3 | 0.0 | 0.0 | |
| com | 5,452 | 32.3 | 64.9 | 0.0 | 0.0 | |
| com | 4,944 | 54.9 | 15.5 | 0.0 | 15.6 | |
7 Site pollution suspected - measures required in new-build projects.
8 Building-right plots on which new-build projects have been completed in recent years.
9 Com = commercial; Res = residential.
| Location | Address | Ownership | Site area in m2 | Register of polluted sites |
|
|---|---|---|---|---|---|
| Lucerne | Alpenstrasse 9 | sole ownership | 569 | no | |
| Neuhausen | Victor von Bruns-Strasse 19 | sole ownership | 1,596 | no | |
| Regensdorf | Althardstrasse 10 | sole ownership | 7,714 | no | |
| Renens | Chemin de la Rueyre 116/118 | sole ownership | 4,503 | no | |
| St. Gallen | Schochengasse 6 | sole ownership | 1,316 | no | |
| St. Gallen | St. Leonhardstrasse 22 | sole ownership | 219 | no | |
| St. Gallen | Wassergasse 42/44 | condo (867/1000) | 1,714 | no | |
| St. Gallen | Wassergasse 50/52 | sole ownership | 1,373 | no | |
| Winterthur | Industriestrasse 26 | sole ownership | 3,635 | yes (code D)3 | |
| Zurich | Bahnhofplatz 4 | sole ownership | 189 | yes | |
| Zurich | Friedaustrasse 17 | sole ownership | 869 | no | |
| Zurich | Friesenbergstrasse 75; Im Tiergarten 7 | sole ownership | 11,532 | no | |
| Zurich | Hardturmstrasse 3/3a/3b (Mobimo-Hochhaus) | sole ownership | 1,975 | yes | |
| Zurich | Rautistrasse 12 | sole ownership | 1,894 | yes (petrol station) | |
| Zurich | Stauffacherstrasse 41 | sole ownership | 1,405 | no | |
| Zurich | Thurgauerstrasse 23; Siewerdtstrasse 25 | sole ownership | 2,657 | no | |
| Zurich | Treichlerstrasse 10; Dolderstrasse 16 | sole ownership | 1,139 | no | |
| Zurich | Turbinenstrasse 18 (Mobimo Tower Hotel) | sole ownership | 5,808 | no | |
| 63 | Commercial investment properties | 211,568 | |||
| Kriens | Mattenhof I | sole ownership | 15,792 | no |
| Kriens | Mattenhof I | sole ownership | 15,792 | no |
|---|---|---|---|---|
| Lausanne | Avenue d'Ouchy 4 – 6 | sole ownership | 0 | yes7 |
| Lausanne | Rue de Genève 19 | sole ownership | 2,733 | yes6 |
| Lausanne | Rue de Genève 21 | sole ownership | 2,524 | yes6 |
| Lausanne | Rue des Côtes-de-Montbenon 14 | sole ownership | 647 | yes7 |
| Lausanne | Rue du Port-Franc 20; Rue de Genève 33 | sole ownership | 2,000 | yes5 |
| Regensdorf | Althardstrasse 30 | sole ownership | 9,355 | no |
7 Development properties (commercial properties) 33,051 49,108 35.7 24.4 19.8 0.6 19.5
³ Code D: clarification necessary in the context of building projects.
⁵ Site pollution eliminated – property rebuilt in recent years.
⁶ Site pollution suspected but no measures expected - the property must be maintained in accordance with the design plan ("Gestaltungsplan").
⁷ Site pollution suspected – measures required in new-build projects.
⁹ Com = commercial; Res = residential.
| Register of Property |
Total rentable | Office space | Sales space | Commercial space | Residential | Other |
|---|---|---|---|---|---|---|
| polluted sites description9 |
area in m2 | in % | in % | in % | space in % | in % |
| no res+com |
1986 | 12.6 | 13.1 | 0.0 | 64.6 | 9.7 |
| no com |
2,806 | 93.8 | 0.0 | 0.0 | 0.0 | 6.2 |
| no com |
13,532 | 39.2 | 28.6 | 7.5 | 0.0 | 24.7 |
| no com |
4,341 | 68.8 | 0.0 | 0.0 | 0.0 | 31.2 |
| no com |
4,460 | 95.4 | 0.0 | 0.0 | 0.0 | 4.6 |
| com | 1,092 | 79.1 | 12.7 | 0.0 | 0.0 | 8.2 |
| no com |
3,958 | 80.4 | 0.0 | 0.0 | 9.4 | 10.2 |
| com | 3,554 | 72.3 | 0.0 | 0.0 | 0.0 | 27.7 |
| yes (code D)3 com |
11,327 | 64.6 | 0.8 | 20.4 | 0.0 | 14.2 |
| yes com |
758 | 63.5 | 27.8 | 0.0 | 0.0 | |
| com | 2,595 | 56.7 | 0.0 | 11.9 | 10.1 | |
| com | 22,819 | 75.2 | 0.0 | 0.0 | 0.0 | |
| yes com |
8,226 | 94.4 | 0.0 | 0.0 | 0.0 | |
| yes (petrol station) com |
6,013 | 74.3 | 9.4 | 6.6 | 1.3 | |
| com | 6,755 | 60.6 | 1.0 | 0.0 | 0.0 | |
| com | 3,901 | 59.1 | 6.8 | 6.9 | 0.0 | |
| com | 2,682 | 34.1 | 0.0 | 33.3 | 7.1 | |
| com - hotel | 22,428 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| 345,725 | 40.0 | 12.8 | 15.0 | 4.8 | 27.4 | |
| no land |
0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| yes7 com |
18,844 | 24.5 | 20.8 | 41.7 | 0.0 | 13.0 |
| yes6 com |
3,548 | 39.4 | 17.2 | 0.0 | 0.0 | 43.4 |
| yes6 com |
3,575 | 40.0 | 16.9 | 0.0 | 0.0 | 43.1 |
| com | 640 | 0.0 | 100.0 | 0.0 | 0.0 | |
| com | 9,964 | 34.1 | 62.2 | 0.0 | 0.0 | |
| com | 12,537 | 53.6 | 0.0 | 14.7 | 2.3 | |
| no | ||||||
| Location | Address | Acquired | Built | Year renovated |
|---|---|---|---|---|
| Affoltern am Albis | Alte Obfelderstrasse 31 – 35 | Aug 2011 | 2013 | |
| Bergdietikon | Baltenschwilerstrasse 3/5/7/9/11/13/15/17 | Oct 2007 | 1973/1980 | 1992/2007 |
| Binz | Zürichstrasse 244/246 | Nov 2005 | 1966 | 1997/2001 |
| Carouge | Place d'Armes 8 | Nov 2015 | 1932 | 2014 |
| Carouge | Rue de la Fontenette 13 | Nov 2015 | 1973 | 2014 |
| Geneva | Boulevard Carl-Vogt 6 | Nov 2015 | 1948 | |
| Geneva | Boulevard de la Cluse 18 | Nov 2015 | 1951 | |
| Geneva | Rue Chandieu 5 | Nov 2015 | 1976 | 2005 |
| Geneva | Rue Daubin 35 | Nov 2015 | 1952 | 2012 |
| Geneva | Rue de la Cannonière 11 | Nov 2015 | 1951 | 2005/2010/2011/2013 |
| Geneva | Rue de la Ferme 6 | Nov 2015 | 1900 | 2008/2010/2012/2014 |
| Geneva | Rue de la Poterie 34 | Nov 2015 | 1895 | 2012 |
| Geneva | Rue de l'Ecole-de-Médecine 3 | Nov 2015 | 1900 | 2014 |
| Geneva | Rue de Malatrex 30 | Nov 2015 | 1951 | 2012 |
| Geneva | Rue de Vermont 9 | Nov 2015 | 1969 | 2014 |
| Geneva | Rue des Confessions 9 | Nov 2015 | 1923 | 2013 |
| Geneva | Rue des Cordiers 5 | Nov 2015 | 1965 | 2008 |
| Geneva | Rue des Peupliers 13 | Nov 2015 | 1920 | 2010 |
| Geneva | Rue des Photographes 12 | Nov 2015 | 1905 | 2013 |
| Geneva | Rue Dr-Alfred-Vincent 23 | Nov 2015 | 1950 | 2010 |
| Geneva | Rue du 31 Décembre 35 | Nov 2015 | 1956 | 2014 |
| Geneva | Rue du Village Suisse 4 | Nov 2015 | 1900 | 2005 |
| Geneva | Rue Henri-Blanvalet 14 | Nov 2015 | 1915 | 2012 |
| Geneva | Rue Schaub 3 | Nov 2015 | 1960 | 2010 |
| Geneva | Rue Zurlinden 6 | Nov 2015 | 1985 | 2012 |
| Lausanne | Avenue d'Ouchy 70 | Nov 2009 | 1906 | 2004 |
| Lausanne | Avenue d'Ouchy 72/74 | Nov 2009 | 1907 | |
| Lausanne | Avenue d'Ouchy 76 | Nov 2009 | 1907 | 2004 |
| Lausanne | Avenue Edouard Dapples 9/13/15/15a | April 2013 | 1925/1926 | |
| Lausanne | Place de la Navigation 2 | Nov 2009 | 1895 | 2004 |
| Lausanne | Rue Beau-Séjour 8 | Nov 2009 | 2011 | |
| Lausanne | Rue des Fontenailles 1 | Nov 2009 /April 2013 | 1910/1963 | 1993 |
| Lausanne | Rue Voltaire 2 – 12 | Oct 2012 | 2015 | |
| Meyrin | Rue de Livron 17 – 19 | Nov 2015 | 1967 | 2010 |
| Münchwilen | Buchenacker 22/24/26/28; Unterer Buchenacker 7 | June 2007 | 1994/1995 | |
| Onex | Avenue des Grandes-Communes 21 – 23 – 25 | Nov 2015 | 1964 | 2012/2014 |
| Opfikon-Glattbrugg | Farmanstrasse 47/49 | Dec 2010 | 2009 | |
| Regensdorf | Schulstrasse 95/97/99/101/103/105 | June 2007 | 2015 | |
| Rheinfelden | Rütteliweg 8; Spitalhalde 40 | Sep 2006 | 1972 | 2004 |
| St. Gallen | Teufenerstrasse 15 | Dec 2006 | 1900 | 2005 |
| Versoix | Chemin de l'Ancien Péage 2 – 4 | Nov 2015 | 1963 | 2014 |
| Wängi | Brühlwiesenstrasse 11a/11b/15a/15b/19a/19b | June 2007 | 1984/1988 | |
| Zurich | Katzenbachstrasse 239 | March 2008 | 1969 | |
43 Residential investment properties 655,432 549,062 4.7 30,645 3.2 3.3
¹ Target rental income as at reporting date 30.06.2016 as % of market value.
² Vacancy rate as % of target rental income.
| Fair value in TCHF |
Acquisition costs in TCHF |
Gross yield in %1 |
Target rental revenues in TCHF |
Vacancy rate as at 30.06.2016 in %2 |
Vacant area as at 30.06.2016 in % |
|---|---|---|---|---|---|
| 30,150 | 4.0 | 1,215 | 10.5 | 10.1 | |
| 23,619 | 4.1 | 978 | 10.1 | 8.9 | |
| 12,300 | 4.1 | 503 | 8.5 | 6.0 | |
| 9,170 | 5.2 | 478 | 0.0 | 0.0 | |
| 7,030 | 5.0 | 354 | 0.0 | ||
| 8,400 | 4.8 | 400 | 0.0 | ||
| 6,040 | 4.7 | 285 | 0.0 | ||
| 11,840 | 4.6 | 548 | 1.4 | ||
| 7,260 | 4.9 | 358 | 0.5 | ||
| 8,110 | 5.1 | 412 | 0.0 | ||
| 6,580 | 4.9 | 325 | 0.0 | ||
| 3,410 | 5.3 | 181 | 0.0 | ||
| 3,970 | 5.1 | 204 | 0.0 | ||
| 8,540 | 5.6 | 476 | 0.0 | ||
| 7,670 | 5.4 | 416 | 2.0 | ||
| 7,360 17,690 |
4.1 4.7 |
300 832 |
0.0 2.9 |
||
| 2,870 | 5.8 | 166 | 0.0 | ||
| 4,230 | 5.0 | 213 | 1.7 | ||
| 4,090 | 4.6 | 190 | 0.0 | ||
| 7,620 | 4.9 | 372 | 0.0 | ||
| 2,990 | 5.6 | 166 | 0.0 | ||
| 5,870 | 4.8 | 280 | 0.8 | ||
| 9,290 | 4.7 | 438 | 0.0 | ||
| 11,020 | 5.1 | 561 | 13.8 | ||
| 5,418 | 5.2 | 281 | 0.0 | ||
| 2,933 | 5.0 | 146 | 0.0 | ||
| 15,390 | 4.3 | 661 | 0.0 | ||
| 20,470 | 4.7 | 954 | 0.2 | ||
| 6,443 | 4.6 | 297 | 0.0 | ||
| 92,920 | 4.5 | 4,165 | 3.1 | ||
| 4,050 | 4.7 | 192 | 9.6 | ||
| 65,790 | 4.3 | 2,854 | 0.9 | ||
| 17,230 | 5.2 | 898 | 1.5 | ||
| 15,186 37,270 |
5.1 4.9 |
775 1,838 |
6.5 1.4 |
||
| 27,290 | 3.9 | 1,069 | 1.3 | ||
| 56,400 | 4.2 | 2,368 | 1.5 | ||
| 17,400 | 6.4 | 1,105 | 16.8 | ||
| 4,112 | 5.3 | 218 | 18.1 | ||
| 20,060 | 5.7 | 1,147 | 0.0 | ||
| 13,617 | 5.4 | 730 | 6.7 | ||
| 6,334 | 4.7 | 295 | 3.7 | ||
| 655,432 | 549,062 | 4.7 | 30,645 | 3.2 |
| Address | Ownership | Site area in m2 | Register of polluted sites |
|---|---|---|---|
| Alte Obfelderstrasse 31 – 35 | sole ownership | 5174 | no |
| Baltenschwilerstrasse 3/5/7/9/11/13/15/17 | sole ownership | 11,330 | no |
| Zürichstrasse 244/246 | sole ownership | 4,025 | no |
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| Rue Zurlinden 6 | sole ownership | 437 | no |
| Avenue d'Ouchy 70 | sole ownership | 2,037 | yes4 |
| Avenue d'Ouchy 72/74 | easement | 1,911 | yes4 |
| Avenue d'Ouchy 76 | sole ownership | 2,037 | yes4 |
| Avenue Edouard Dapples 9/13/15/15a | sole ownership | 5,246 | no |
| Place de la Navigation 2 | sole ownership | 1,911 | yes4 |
| Rue Beau-Séjour 8 | sole ownership | 3,827 | yes5 |
| Rue des Fontenailles 1 | sole ownership | 853 | no |
| Rue Voltaire 2-12 | sole ownership | 4,743 | no |
| Rue de Livron 17 – 19 | sole ownership | 670 | no |
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| no | |||
| 104,179 | |||
| Place d'Armes 8 Rue de la Fontenette 13 Boulevard Carl-Vogt 6 Boulevard de la Cluse 18 Rue Chandieu 5 Rue Daubin 35 Rue de la Cannonière 11 Rue de la Ferme 6 Rue de la Poterie 34 Rue de l'Ecole-de-Médecine 3 Rue de Malatrex 30 Rue de Vermont 9 Rue des Confessions 9 Rue des Cordiers 5 Rue des Peupliers 13 Rue des Photographes 12 Rue Dr-Alfred-Vincent 23 Rue du 31 Décembre 35 Rue du Village Suisse 4 Rue Henri-Blanvalet 14 Rue Schaub 3 Buchenacker 22/24/26/28; Unterer Buchenacker 7 Avenue des Grandes-Communes 21 – 23 – 25 Farmanstrasse 47/49 Schulstrasse 95/97/99/101/103/105 Rütteliweg 8; Spitalhalde 40 Teufenerstrasse 15 Chemin de l'Ancien Péage 2 – 4 Brühlwiesenstrasse 11a/11b/15a/15b/19a/19b Katzenbachstrasse 239 Residential investment properties |
sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership sole ownership |
250 230 436 228 315 624 248 272 242 492 241 426 351 1157 147 188 234 290 145 260 439 5,740 930 3,840 16,656 14,817 658 722 7,413 1,987 |
4 Site pollution unlikely – the property must be maintained in accordance with the design plan ("Gestaltungsplan") and has been subject to comprehensive renovation in recent years.
5 Site pollution eliminated – property rebuilt in recent years.
| Property | Total | 1 – 1 ½- | 2 – 2 ½- | 3 – 3 ½- | 4 – 4 ½- | 5 or more | Total | Other forms |
|---|---|---|---|---|---|---|---|---|
| description9 | rentable | room | room | room | room | room | apartments | of use in % |
| area in m2 | apartments | apartments | apartments | apartments | apartments | 0.8 | ||
| res | 4,706 | 0 | 1 | 15 | 26 | 0 | 42 | |
| res | 5,226 | 0 | 8 | 18 | 28 | 0 | 54 | 6.0 |
| res | 2,580 | 0 | 6 | 12 | 12 | 0 | 30 | 4.5 |
| res | 1,308 | 0 | 19 | 8 | 0 | 0 | 27 | 8.4 |
| res | 1,188 | 1 | 6 | 7 | 3 | 6 | 23 | 0.0 |
| res | 2,080 | 0 | 0 | 6 | 6 | 6 | 18 | 46.6 0.0 |
| res | 855 | 0 | 14 | 5 | 2 | 0 | 21 | |
| res | 2,010 | 0 | 0 | 12 | 12 | 2 | 26 | |
| res | 1,043 | 1 | 20 | 0 | 7 | 0 | 28 | |
| res | 1,145 | 1 | 14 | 12 | 1 | 0 | 28 | |
| res | 857 | 21 | 4 | 0 | 0 | 0 | 25 | |
| res | 701 | 2 | 7 | 4 | 2 | 0 | 15 | 0.0 |
| res | 800 | 0 | 0 | 6 | 4 | 0 | 10 | 31.3 32.1 |
| res | 1,289 | 20 | 10 | 0 | 0 | 0 | 30 | |
| res | 1,153 | 9 | 0 | 0 | 5 | 4 | 18 | |
| res | 1,316 | 0 | 3 | 15 | 5 | 0 | 23 | |
| res | 2,786 | 0 | 0 | 2 | 22 | 3 | 27 | |
| res | 513 | 0 | 2 | 3 | 4 | 1 | 10 | |
| res | 685 | 0 | 3 | 4 | 1 | 1 | 9 | |
| res | 707 | 0 | 0 | 8 | 6 | 1 | 15 | |
| res | 1,395 | 0 | 18 | 0 | 6 | 0 | 24 | |
| res | 511 | 0 | 3 | 5 | 2 | 1 | 11 | |
| res | 841 | 0 | 0 | 6 | 4 | 4 | 14 | |
| res | 1,857 | 0 | 0 | 14 | 12 | 1 | 27 | |
| res | 1,609 | 0 | 3 | 4 | 8 | 0 | 15 | |
| res+com | 1,122 | 0 | 0 | 5 | 1 | 4 | 10 | |
| res | 995 | 0 | 6 | 3 | 3 | 0 | 12 | |
| res+com | 2,536 | 0 | 0 | 0 | 1 | 9 | 10 | |
| res | 4,959 | 0 | 1 | 2 | 28 | 17 | 48 | |
| res+com | 1,313 | 0 | 2 | 0 | 2 | 4 | 8 | |
| res | 10,288 | 0 | 19 | 55 | 16 | 11 | 101 | |
| res | 1,071 | 1 | 0 | 0 | 4 | 4 | 9 | |
| res | 8,663 | 1 | 21 | 41 | 21 | 8 | 92 | |
| res | 3,972 | 0 | 0 | 12 | 24 | 12 | 48 | |
| res | 4,367 | 0 | 4 | 20 | 20 | 0 | 44 | |
| res | 6,570 | 0 | 0 | 54 | 53 | 0 | 107 | |
| res | 3,609 | 1 | 13 | 16 | 9 | 0 | 39 | |
| 8,716 | 0 | 16 | 50 | 30 | 0 | 96 | ||
| res | 5,588 | 8 | 30 | 0 | 46 | 0 | 84 | |
| res+com | 1,596 | 1 | 2 | 1 | 7 | 0 | 11 | |
| res | 4,495 | 0 | 20 | 0 | 34 | 16 | 70 | |
| res | 4,439 | 0 | 6 | 21 | 21 | 0 | 48 | |
| res | 1,589 | 0 | 5 | 8 | 5 | 0 | 18 | |
| 115,049 | 67 | 286 | 454 | 503 | 115 | 1,425 | ||
9 Com = commercial; Res = residential.
| Location | Address | Ownership | Acquired | Built | |
|---|---|---|---|---|---|
| Aarau | Baufeld 2 (Torfeld Süd) | sole ownership | Oct 2006 | 1905/1916/1929/ | |
| 1943/1954 | |||||
| Horgen | Seestrasse 93 (Grob site) | sole ownership | Nov 2005 | 1956/2017 | |
| Kriens | Sternmatt 6 – Block C (multi-storey parking) | sole ownership | Feb 2004 | 1986 | |
| Lausanne | Rue des Côtes-de-Montbenon 1/3/5 | sole ownership | Nov 2009 | 1930 | |
| Zurich | Hohlstrasse 485 | sole ownership | April 2010 | 1896/1928 | |
| Zurich | Letzigraben 134 – 136 | sole ownership | Sep 2006 | 1958/1975/2016 | |
6 Properties under construction 172,250 49,257 60,543
All of the above investment properties are in the construction phase. The properties at Zurich, Letzigraben 134 – 136 and Kriens, Sternmatt 6 – Block C (multi-storey parking) will be completed in the course of 2016. The properties at Horgen, Seestrasse 93 (Grob site), Lausanne, Rue des Côtes-de-Montbenon 1/3/5 and Zurich, Hohlstrasse are planned to be completed in 2017, while the realisation phase of the property Aarau, Site 2 (Torfeld Süd) will last until 2018.
| Location | Address | Ownership | Acquired | Built |
|---|---|---|---|---|
| Aarau | Buchserstrasse 27 | sole ownership | Oct 2006 | 1885 |
| Küsnacht | Seestrasse 59 | sole ownership | Sep 2002 | 2006 |
| Lausanne | Rue de Genève 7 | sole ownership | Nov 2009 | 1932 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | sole ownership | Nov 2009 | 1912 |
| 4 | Properties |
| Location | Address | Ownership | Acquired | Built |
|---|---|---|---|---|
| Lausanne | Flonplex | co-ownership 40% | Nov 2009 | 2003 |
| Lausanne | Parking du Centre | co-ownership 50% | Nov 2009 | 2002 |
| Lausanne | Parking Saint-François | co-ownership 26.5% | Nov 2009 | 1959 |
| 3 | Properties |
4 Site pollution unlikely – the property must be maintained in accordance with the design plan ("Gestaltungsplan") and has been subject to comprehensive renovation in recent years.
5 Site pollution eliminated – property rebuilt in recent years.
7 Site pollution suspected – measures required in new-build projects.
9 Com = commercial; Res = residential.
| Total rentable area in m2 |
Description of property9 |
Register of polluted sites |
Site area in m2 |
Fair value in TCHF |
|---|---|---|---|---|
| 19,205 | res+com | yes (insignificant) | 18,526 | 31,100 |
| 16,660 | com | yes | 10,542 | 24,720 |
| 218 | car park | no | 5,028 | 5,200 |
| 2,051 | com | yes7 | 1,830 | 3,780 |
| 15,432 | res+com | no | 8,328 | 48,800 |
| 6,977 | res | yes | 5,003 | 58,650 |
| 60,543 | 49,257 | 172,250 |
| Total rentable area in m2 |
Description of property9 |
Register of polluted sites |
Site area in m2 |
Carrying amount in TCHF |
Year renovated |
|---|---|---|---|---|---|
| 261 | own-use | yes (insignificant) | 1,155 | 651 | |
| 2,046 | com/own-use | no | 2,125 | 10,384 | |
| 632 | com-share own-use | yes4 | 3,343 | 3,239 | 1992/2011 |
| 170 | com-share own-use | yes4 | 850 | 555 | 2007 |
| 3,109 | 7,473 | 14,829 |
| Total rentable | Description of | Register of | Site area | Fair value |
|---|---|---|---|---|
| area in m2 | property9 | polluted sites | in m2 | in TCHF |
| 5,256 | multiplex cinema | yes5 | 0 | 9,332 |
| car park | yes5 | 0 | 31,015 | |
| car park | yes7 | 0 | 2,388 | |
| 5,256 | 42,735 |
We have been engaged to review the accompanying consolidated statement of balance sheet of Mobimo Holding AG as at 30 June 2016 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the six-month period then ended, and other explanatory notes (the consolidated interim financial statements) on pages 18 to 51. The Board of Directors is responsible for the preparation and fair presentation of these consolidated interim financial statements in accordance with International Accounting Standard 34 Interim Financial Reporting and article 17 of the Directive on Financial Reporting (Directive Financial Reporting, DFR) issued by the SIX Swiss Exchange. Our responsibility is to express a conclusion on these consolidated interim financial statements based on our review.
We conducted our review in accordance with the International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial statements do not give a true and fair view of the financial position of the entity as at 30 June 2016, and of its financial performance and its cash flows for the six-month period then ended in accordance with International Accounting Standard 34 Interim Financial Reporting and are not prepared, in all material respects, in accordance with International Accounting Standard 34 Interim Financial Reporting and article 17 of the Directive on Financial Reporting (Directive Financial Reporting, DFR) issued by the SIX Swiss Exchange.
KPMG AG
Licensed Licensed Audit Expert Audit Expert
Lucerne, 28 July 2016
Kurt Stocker Reto Kaufmann
Half-Year Report 2016 53
The Mobimo Group reports its key performance and cost ratio measures in accordance with the Best Practices Recommendations of the EPRA Reporting and Accounting Committee. The European Public Real Estate Association is an association of leading European property companies and is a partner of the FTSE EPRA /NAREIT index family, which added the Mobimo Holding AG share as one of its components on 20 June 2011. The figures published elsewhere by Mobimo on NAV, net initial yield and vacancy rates may deviate
from the EPRA measures set out below, as Mobimo does not, for example, include the market value of trading properties, which are recognised at cost, and bases its calculations on effective rents. However, when calculating earnings per share Mobimo does take account of gains on the sale of trading and investment properties.
| A EPRA Earnings & EPRA Earnings Per Share | Unit | HY 2016 | HY 2015 | |
|---|---|---|---|---|
| Earnings as per IFRS income statement | TCHF | 89,454 | 35,560 | |
| (i) | Changes in value of investment properties, development properties held for investment and other interests |
TCHF | –20,864 | –9,728 |
| (ii) | Profits or losses on disposal of investment properties, development properties held for investment and other interests |
TCHF | –33,861 | –15,809 |
| (iii) | Profit on sale of trading properties and development services adjusted | TCHF | –9,468 | 5,362 |
| (iv) | Tax on profits or losses on disposals | TCHF | 14,421 | 1,869 |
| (v) | Negative goodwill/ goodwill impairment | TCHF | n / a | n / a |
| (vi) | Changes in fair value of financial instruments and asscociated close-out costs | TCHF | –909 | 2,980 |
| (vii) | Acquisition costs on share deals and non-controlling joint venture interests | TCHF | n / a | n / a |
| (viii) | Deferred tax in respect of EPRA adjustments | TCHF | –16,686 | 1,485 |
| (ix) | Adjustments to positions (i) to (viii) in respect of joint ventures | TCHF | 0 | 0 |
| (x) | Non-controlling interests in respect of the above | TCHF | 352 | 116 |
| EPRA Earnings TCHF |
22,438 | 21,835 | ||
| Average number of shares outstanding | 6,215,647 | 6,215,287 | ||
| EPRA Earnings Per Share CHF |
3.61 | 3.51 |
Half-Year Report 2016 55
| NAV as per consolidated financial statements | TCHF | 1,267,267 | 1,258,617 | |
|---|---|---|---|---|
| Effect of exercise of options, convertibles and other equity instruments | TCHF | 0 | 0 | |
| Diluted NAV after the exercise of options, convertibles and other equity instruments | TCHF | 1,267,267 | 1,258,617 | |
| Include | ||||
| (i.a) | Revaluation of investment properties (if IAS 40 cost model is used) | TCHF | n / a | n / a |
| (i.b) | Revaluation of investment property under construction (IPUC) (if IAS 40 cost model is used) | TCHF | n / a | n / a |
| (i.c) | Revaluation of other non-current investments (owner-occupied properties and joint ventures) |
TCHF | 24,827 | 23,372 |
| (ii) | Revaluation of tenant leases held as finance leases | TCHF | n / a | n / a |
| (iii) | Revaluation of trading properties | TCHF | 27,681 | 26,244 |
| Exclude | ||||
| (iv) | Fair value of financial instruments | TCHF | 57,187 | 38,998 |
| (v.a) | Deferred tax | TCHF | 143,683 | 166,480 |
| (v.b) | Goodwill as a result of deferred tax | TCHF | n / a | n / a |
| Adjustments to (i) to (v) in respect of joint ventures | TCHF | 2,372 | 3,615 | |
| EPRA NAV | TCHF | 1,523,016 | 1,517,325 | |
| Diluted No. of shares outstanding | 6,215,326 | 6,216,923 | ||
| EPRA NAV per share | CHF | 245.04 | 244.06 | |
| C Triple Net Asset Value (NNNAV) | Unit | 30.06.2016 | 31.12.2015 | |
B EPRA Net Asset Value Unit 30.06.2016 31.12.2015
| EPRA NAV TCHF |
1,523,016 | 1,517,325 | ||
|---|---|---|---|---|
| (i) | Fair value of derivative financial instruments | TCHF | –57,187 | –38,998 |
| (ii) | Fair value of financial liabilities | TCHF | –149,183 | –105,976 |
| (iii) | Deferred tax | TCHF | –143,484 | –166,483 |
| EPRA NNNAV | TCHF | 1,173,162 | 1,205,869 | |
| Diluted No. of shares outstanding | 6,215,326 | 6,216,923 | ||
| EPRA NNNAV per share CHF |
188.75 | 193.97 |
The definitions of the above key performance measures can be found at www.epra.com.
| D EPRA Net Initial Yield | Unit | 30.06.2016 | 31.12.2015 |
|---|---|---|---|
| Investment properties – wholly owned | TCHF | 2,326,945 | 2,412,768 |
| Investment properties – share of joint ventures/funds | TCHF | 40,347 | 38,154 |
| Trading property | TCHF | 233,696 | 226,564 |
| Less developments | TCHF | –430,146 | –399,884 |
| Completed property portfolio | TCHF | 2,170,842 | 2,277,602 |
| Allowance for estimated purchasers' costs | TCHF | 0 | 0 |
| Gross up completed property portfolio valuation | TCHF | 2,170,842 | 2,277,602 |
| Annualised cash passing rental income | TCHF | 116,053 | 120,208 |
| Direct cost of investment properties | TCHF | –16,052 | –17,811 |
| Annualised net rents | TCHF | 100,001 | 102,397 |
| Add: additional notional rent expiration of rent free periods or other lease incentives | TCHF | 0 | 0 |
| Topped-up net annualised rent | TCHF | 100,001 | 102,397 |
| EPRA net initial yield | % | 4.6 | 4.5 |
| EPRA "topped-up" net initial yield | % | 4.6 | 4.5 |
| EPRA vacancy rate | % | 4.9 | 4.7 |
|---|---|---|---|
| Estimated rental income from overall portfolio | TCHF | 110,030 | 114,301 |
| Estimated rental income potential from vacant space | TCHF | 5,365 | 5,376 |
| E EPRA Vacancy Rate | Unit | 30.06.2016 | 31.12.2015 |
The definitions of the above key performance measures can be found at www.epra.com.
Rütligasse 1 CH-6000 Lucerne 7 Tel. +41 41 249 49 80 Fax +41 41 249 49 89 www.mobimo.ch
Seestrasse 59 CH-8700 Küsnacht Tel. +41 44 397 11 11 Fax +41 44 397 11 12
Rue de Genève 7 CH-1003 Lausanne Tel. +41 21 341 12 12 Fax +41 21 341 12 13
Dr. Christoph Caviezel, CEO Manuel Itten, CFO Tel. +41 44 397 11 95 [email protected]
Tel. +41 44 809 58 58 [email protected]
The Half-Year Report 2016 is also available in French and German. Only the German original is legally binding.
Overall responsibility: Mobimo Holding AG
Development of content and design concept, consulting and production: PETRANIX Corporate and Financial Communications AG, Adliswil-Zurich
Photos: Mike Kessler, www.profifoto.ch Didier Oberson, www.didier-oberson.ch
Mobimo Holding AG
Rütligasse 1 CH-6000 Lucerne 7 Tel. +41 41 249 49 80 Fax +41 41 249 49 89 www.mobimo.ch
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